By Bamidele Famoofo
African Export-Import Bank (Afreximbank), pan-African supranational multilateral financial institution, has continued to expand its lending activities in first quarter ended March 31, 2026, resulting in total credit exposure growing by 2 percent to reach a portfolio of US$42 billion, up from US$41 billion as of 31 December 2025.
This performance reflects Afreximbank’s leading role as a Development Finance Institution (DFI) in financing trade and trade-enabling infrastructure, and its strategic contribution to economic resilience across Africa and the Caribbean.
Average loans and advances for Q1 2026 stood at US$32 billion, up 8 percent compared to the same period in the prior year, driving the recorded growth in interest income. The Group’s liquidity position remained strong, with cash and cash equivalents of US$5.6 billion, representing 14 percent of total assets, consistent with FY2025 and above the Bank’s strategic minimum.
Asset quality also remained strong, with the non-performing loan (NPL) ratio at 2.40 percent, broadly in line with 2.43 percent at FY2025 and below industry average.
Shareholders’ funds increased to US$8.6 billion at 31 March 2026, up from US$8.4 billion at FY2025, supported by internally generated capital of US$268.9 million and new equity investments received during the quarter, underscoring the Bank’s continued ability to mobilise capital from its shareholders in support of its growth and development mandate.
Afreximbank has over 160 shareholders. Significant sovereign and institutional shareholders include the Federal Republic of Nigeria, the Arab Republic of Egypt, the Republic of South Africa, the Republic of Zimbabwe, and corporate entities like the Dangote Group.
The Group delivered strong profitability during the quarter. Notwithstanding declining benchmark rates, total interest income rose by 14 percent year-on-year to reach US$813.6 million, while net interest income increased by 24 percent to US$510.0 million, compared with US$411.2 million in the first quarter of 2025. The Group’s cost-to-income ratio remained contained at 19 percent, well within the Group’s strategic ceiling of 30 percent. As a result, Profit for the period increased to US$268.9 million, up from US$215.4 million in Q1 2025.
The Group continued to maintain a strong capital position, with a capital adequacy ratio of 23 percent as at 31 March 2026, in line with the Bank’s long-term capital management targets.
During the quarter, Afreximbank continued to demonstrate its counter-cyclical role in response to external shocks. In March 2026, the Bank launched a US$10 billion Gulf Crisis Response Programme to help member countries mitigate adverse spillover effects from the Gulf crisis. The facility is designed to support liquidity, stabilise trade and payments, and address supply-side disruptions, particularly in energy, tourism and aviation, fertilisers, food and other critical imports.
The Bank also continued to deploy targeted financing and advisory support to strengthen trade flows, industrial capacity and economic resilience across Africa and CARICOM. Regional integration received further momentum following South Africa’s ratification of the Bank’s Establishment Agreement in February 2026, bringing one of Africa’s largest and most diversified economies into the Bank’s membership and giving the Bank full continental coverage.
Highlights of the results for Afreximbank Group are shown below:
| Financial Performance Metrics | Q1’2026 | Q1’2025 |
| Gross Income (US$ million) | 874.1 | 784.9 |
| Net Income (US$ million) | 268.9 | 215.4 |
| Return on average equity (ROAE) | 13% | 12% |
| Return on average assets (ROAA) | 2.62% | 2.38% |
| Cost-to-income ratio | 19% | 16% |
| Total Assets (US$ billion) | 41.7 | 42.3 |
| Total Liabilities (US$ billion) | 33.0 | 33.9 |
| Shareholders’ Funds (US$ billion) | 8.6 | 8.4 |
| Non-performing loans ratio (NPL) | 2.40% | 2.43% |
| Cash/Total assets | 14% | 14% |
| Capital Adequacy ratio (Basel II) | 23% | 23% |
Afreximbank’s Senior Executive Vice President, Mr. Denys Denya, speaking on the performance, said: “Against a backdrop of continued global uncertainty, heightened geopolitical risks and tight financial conditions, the Group delivered a resilient first-quarter performance, underpinned by disciplined balance sheet management, sound asset quality and strong capital and liquidity buffers. The growth in net interest income and profitability demonstrates the strength of our operating model and the continued relevance of our mandate. Our swift launch of the US$10 billion Gulf Crisis Response Programme further underscores Afreximbank’s counter-cyclical role in supporting member countries during periods of disruption. We remain focused on stabilising trade flows, easing liquidity pressures and advancing the industrial and economic transformation of Africa and the Caribbean.”
