African Export-Import Bank (Afreximbank) reported net income of $813.5 million for the nine months ended September 30, 2026, marking a 24% increase from $654.3 million in the same period of 2025. The bank attributed the jump to higher gross and net interest income, with gross income climbing 11% to $2.7 billion from $2.4 billion and net interest income rising 17.45% to $1.49 billion from $1.27 billion.
The surge in profitability was underpinned by increased lending activities across Afreximbank's member countries, reflecting sustained demand for trade and project financing. Afreximbank's Senior Executive Vice President, Denys Denya, highlighted the bank's stronger profitability, expanding lending portfolio and capital position. Interest expenses grew at a slower pace, rising just 2.27% to $981.34 million from $959.55 million, helping to bolster margins. The bank also generated $38.94 million in net trading income during the period, compared with no amount reported in 2025.
Operating expenses increased by 9.42% to $335.58 million, reflecting higher personnel costs and depreciation charges. Despite this rise, the bank improved its cost-to-income ratio to 20% from 21% in the corresponding 2025 period, staying below its strategic ceiling of 30%. Fee-generating activities, including guarantees, letters of credit and advisory services, contributed to the improved efficiency.
On the balance sheet, total assets expanded by $3.65 billion to $45.94 billion as of September 2026, driven by increased loans and advances, investment securities and other receivables. Shareholders' funds also grew to $9.03 billion from $8.40 billion, supported by internally generated earnings and new equity contributions. The bank completed a $1.5 billion dual-tranche bond issuance in July 2026, comprising $750 million in 5.5-year notes and $750 million in 10-year notes.
However, the expansion in lending was accompanied by weaker operating cash flow. The bank recorded a net cash outflow of $1.24 billion, compared with a net cash inflow of $2.95 billion in the corresponding 2025 period, bringing cash and cash equivalents to $4.71 billion. This decline was largely driven by $3.12 billion in cash absorbed by loans and advances. Liquid assets fell to 13% of total assets from 15% at the end of 2025, though this remained above the bank's minimum strategic target of 10%.
Denya emphasised Afreximbank's continued role in financing trade and supporting economic development amid geopolitical uncertainties. The bank launched a $10 billion Gulf Crisis Response Programme in March 2026 to provide liquidity support and facilitate trade flows amid supply chain disruptions. High-impact investments increased 23% to $1.6 billion from $1.3 billion at the end of 2025.