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The African Export-Import Bank (Afreximbank) has released its consolidated financial statements for the first quarter of 2024, revealing a significant 31.73% increase in Net Interest Income to $393.4 million, up from $298.6 million in Q1 2023.

This growth was primarily driven by a 40.07% rise in interest income, which reached $721.8 million due to an expanding portfolio of loans and advances.

The bank's Net Interest Margin improved to 4.82% from 4.40% in the same period last year, attributed to higher benchmark rates and effective borrowing cost management. Operating efficiency also saw notable improvement, with the cost-to-income ratio decreasing to 14.50% from 16.82% in Q1 2023, despite a 10.63% rise in operating expenses to $61.4 million.

Afreximbank's staff costs increased by 28.55% year-on-year, reflecting an expanded headcount to support business growth and strategic initiatives.

These costs accounted for 52.93% of the group's total expenses. The Q1 2024 performance underscores Afreximbank's resilience and strategic growth amid challenging geopolitical and macroeconomic conditions, enhancing shareholder value.