Business News

Afreximbank Records Improvement in Operating Efficiency in Q1 2024

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has released its consolidated financial statements for the first three months of 2024, recording growth in the face of challenging geopolitical and macroeconomic conditions. According to a statement, the Cairo-based lender demonstrated year-on-year growth and improvement in operating efficiency, with a lower cost-to-income ratio of 14.5 per cent in Q1 2024 compared with the 16.8 per cent recorded in the same period of 2023, achieved despite a 10.6 per cent increase in operating expenses to $61.4 million from Q1 2023’s $55.5 million. In the period under review, the company grew its Net