The African Export-Import Bank (Afreximbank) reported a 24% increase in net income for the first nine months of 2026, reaching $813.5 million, up from $654.3 million in the same period last year, driven by a growing loan book and disciplined cost management despite a challenging global environment.
The results, released Monday, showed total assets and contingencies rising 12% to $54.1 billion from $48.5 billion at the end of 2025 . Net loans and advances grew 8% to $36.2 billion, reflecting sustained demand for trade and project financing across Africa and the Caribbean Community (CARICOM).
Gross income increased 11% to $2.7 billion, supported by a 9.1% rise in interest income to $2.4 billion. The growth was underpinned by a sharp increase in average loan balances, which climbed from $28.9 billion to $34.8 billion year-on-year. Net interest income strengthened 15% to $1.5 billion . Fees and commission income from guarantees, letters of credit, and advisory services rose to $136.9 million from $117.2 million.
Efficiency and Asset Quality
The bank’s cost-to-income ratio improved to 20% from 21%, remaining well below its strategic ceiling of 30%. Return on average assets edged up to 2.48% from 2.34%, while return on average shareholders’ equity held steady at 12%.
Asset quality remained broadly stable, with the non-performing loan ratio at 2.48%, compared with 2.43% at the end of 2025. Provisions for expected credit losses rose to $537.6 million from $481.3 million. The capital adequacy ratio stood at 22%, down slightly from 23%, while liquid assets totaled $6.1 billion, representing 13% of total assets.
Shareholders’ funds increased to $9.0 billion from $8.4 billion, supported by retained earnings and $195.2 million in new equity contributions under the bank’s General Capital Increase programme .
Market Access and Crisis Response
The results period was marked by significant funding milestones. In July 2026, Afreximbank completed its largest-ever bond issuance—a $1.5 billion dual-tranche Eurobond comprising $750 million in 5.5-year notes and $750 million in 10-year notes. The transaction was approximately two times oversubscribed, with an order book peaking at $3.8 billion . Debt securities in issue rose to $4.4 billion from $3.4 billion at the end of 2025.
The bank also continued its countercyclical role, establishing a $10 billion Gulf Crisis Response Programme in April 2026 to provide liquidity support and facilitate trade flows for member countries affected by Middle East conflict. The programme was designed to help vulnerable economies maintain access to essential imports including fuel, fertilisers, food, and pharmaceuticals .
High-impact investments increased 23% to $1.6 billion, supporting strategic development projects aimed at industrialisation and trade competitiveness.
Outlook
Commenting on the performance, Denys Denya, Afreximbank’s Senior Executive Vice President, said the results underscore the bank’s ability to deliver sustainable performance while fulfilling its development mandate. “Our expanded lending portfolio, robust profitability and strong capital position demonstrate the effectiveness of our strategy and the growing relevance of our interventions across our target markets,” he said .
The results follow a record-breaking 2025, when Afreximbank crossed the $1 billion net profit threshold for the first time in its 31-year history . The bank’s shareholders recently approved an increase in authorised share capital from $5 billion to $25 billion, a move President Benedict Oramah said would give the institution “the necessary headroom to mobilise the capital we need to create a bank that serves all Africans” .
