Oramah speaks to Afreximbank’s 2023 financial performance

In a recent interview with CNBC Africa, President of the African Export–Import Bank, Benedict Oramah, shared insights into the bank's exceptional performance in 2023 and its strategic interventions aimed at driving growth and development across Africa. Oramah attributed the bank's success to its proactive approach in tackling challenges and seizing opportunities, underscoring the pivotal role of member states in supporting Afreximbank's mission. Oramah emphasized that the bank views challenges as opportunities for growth, citing its resilience in turbulent times as a testament to its commitment to catalyzing progress on the continent. The President highlighted the significant progress made in achieving the General Capital Increase, with 80% of the target already realized, surpassing expectations and signaling strong shareholder support. Oramah noted that the expedited capital increase has enabled Afreximbank to bolster its financial capacity, thereby enhancing its ability to provide critical interventions and expand its impact, particularly amidst the backdrop of international commercial banks scaling back operations in Africa. Looking back at the remarkable outcomes of 2023, Oramah outlined key financial indicators that underscored the bank's robust performance, with total revenues reaching $2.6 billion. Despite a challenging economic environment characterized by rising interest rates, Afreximbank achieved a net interest margin of nearly 5%, with substantial contributions from its subsidiaries within the group structure. Additionally, the bank reported a non-performing loan ratio of 2.4% and a cost-to-income ratio of approximately 19%, reflecting prudent risk management and operational efficiency. As Afreximbank navigates the complexities of the current financial landscape, Oramah expressed optimism about the future trajectory of the bank, emphasizing the unwavering commitment to delivering innovative solutions to its clients and member states. By prioritizing impactful initiatives that address the needs of African nations and stakeholders, Oramah reiterated the bank's dedication to fulfilling its core mandate and driving sustainable development across the continent. With a forward-thinking approach and a steadfast focus on driving positive change, Afreximbank remains poised to build on its past successes and pave the way for continued growth and prosperity in the years ahead.