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# Afreximbank Reports 24 Percent Rise In Nine-Month Net Income To $813.5 Million
- URL: https://www.blackexecutivebrief.com/afreximbank-reports-24-percent-rise-in-nine-month-net-income-to-813-5-million/
- Published: 2026-10-26T17:52:25.000Z
- Updated: 2026-10-26T21:32:04.000Z
- Description: Afreximbank said nine-month net income rose 24% to US$813.5 million as assets and contingencies grew 12% to US$54.1 billion and loans reached US$36.2 billion. The Black Executive Journal — Daily Edition
- Author: BEB Editors
- Tags: The Pulse

BEJ Intelligence · Companies in this story

BEJ Intelligence

[Afreximbank](https://desk.blackexecutivebrief.com/company/afreximbank?ref=blackexecutivebrief.com)

Bank · Cairo, Egypt · Led by George Elombi (president)

**0**SEC filings, 90 days**94**news items, 30 days

#### In the news

- [Afreximbank’s lending hits $36.2bn as profit surges 24%](https://news.google.com/rss/articles/CBMikwFBVV95cUxOeDZGTTJKanZzUlFlbWl4UXhBNHR2bTNCdG4wUHJFZ05EbFFJaTBWT1lORTRMVE1XeXVJT2Z3Zlk1QWRDTkNvcVlUVXRoeVRVdjAzZjdya0N3aEkyVl9wZFJkSXhXV0hHUThLWjA1dU1BNmpmU0h0NWFrQUNRb29vbGVucFh4N05DSThKV3FmZjc0ejjSAZgBQVVfeXFMTXJuTjRmYTVjQWhObHVlSWcwb1VQYV9TcXo0NkpPQ0pJOWpiRlhWc2s0X0lveWctOUkwUWg0ZGZ5bUJOd2hIMWFUYW9uelVHVW5ZRV9JT0V4YnREOURrWnhldFJQeEV3Q21COW9kYUg5WWwyNFdpU2cwRnZ5aVVKRTFma1pUTFlLZjJZbUhmbUtCSnJrZWNYd0I?oc=5&ref=blackexecutivebrief.com)BusinessDay · Oct 26, 2026
- [Afreximbank income, assets rise to $813.5m, $54.1b in nine months](https://news.google.com/rss/articles/CBMilwFBVV95cUxQSUxqQjYxMVB2bXVkdV9fRXVxaFBOeGVVQ2NHU1NTNmxzeUNHSll1b1NTcmM3bFFzNnpZRW90V3M1bnNuT3I5a2FpSTZJY2VGZzg1bjNGSDBOMVpKWV9SSUxQZTgyUVloMXRpQUhBTWctR1RfRUE2b19ncThGOGs1cXk4ZTJaLWFqTGtiUV9xSDJkcGo2alI00gGcAUFVX3lxTE5JMF9HX09tNXRsZmJqbU9FOHJ0NGg0S3d1SjRMcEpHSlktcUVSbWJXRnBYa2ZyZFRVQ0h2MFJxNVhBQ3dLNmNvWXNoYWdwSlRmbEo3enBFY096aUx2WlAzWG1Kc1lYMklsLWtXa0VremxwQlNFQ1RuUmJ6eGN4bEdjUVhwSHZxMHlTb21zY0RkTXVfQ1BRTE1Dd0ZNcA?oc=5&ref=blackexecutivebrief.com)The Nation · Oct 26, 2026

[Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/afreximbank?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets

BEJ Intelligence · The Six

[Egypt: economic snapshot](https://six.blackexecutivebrief.com/country/egypt?ref=blackexecutivebrief.com)

African Union Region 1: North Africa

**30**Macro Pulse, of 100

- GDP**$430B**IMF · 2026
- Real GDP growth**4.2%**IMF · 2026
- Inflation**14.6%**World Bank · Aug 2026
- Policy rate**19.00%**Central Bank of Egypt · Sep 2026
- Public debt / GDP**87.0%**IMF · 2026

[Egypt on The Six →](https://six.blackexecutivebrief.com/country/egypt?ref=blackexecutivebrief.com)Latest reported figures with their source and period

BEJ Intelligence

[Development Partners International](https://desk.blackexecutivebrief.com/company/development-partners-international?ref=blackexecutivebrief.com)

Private equity · London, United Kingdom

**0**SEC filings, 90 days**0**news items, 30 days

#### Regulatory records

- [Adviser record: DEVELOPMENT PARTNERS INTERNATIONAL LLP (CRD 160177) — adviser active](https://adviserinfo.sec.gov/firm/summary/160177?ref=blackexecutivebrief.com#s=eyJuYW1lIjoiREVWRUxPUE1FTlQgUEFSVE5FUlMg)SEC IAPD · Oct 6, 2026

[Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/development-partners-international?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets

BEJ Intelligence

[Banque Misr](https://desk.blackexecutivebrief.com/company/banque-misr?ref=blackexecutivebrief.com)

Bank · Cairo, Egypt

**0**SEC filings, 90 days**4**news items, 30 days

#### In the news

- [How correspondent banking works, and what the FinCEN clampdown on Banque Misr UAE means for business](https://enterpriseam.com/egypt/2026/10/13/how-correspondent-banking-works-and-what-the-fincen-clampdown-on-banque-misr-uae-means-for-business/?ref=blackexecutivebrief.com)EnterpriseAM Egypt · Oct 12, 2026
- [Madbouly witnesses Hyde Park deal to acquire 415 feddans in west Cairo](https://www.dailynewsegypt.com/2026/10/12/madbouly-witnesses-hyde-park-deal-to-acquire-415-feddans-in-west-cairo/?ref=blackexecutivebrief.com)Daily News Egypt · Oct 12, 2026
- [Banque Misr extends EGP 10bn financing to Founders Real Estate Marketing](https://www.dailynewsegypt.com/2026/10/12/banque-misr-extends-egp-10bn-financing-to-founders-real-estate-marketing/?ref=blackexecutivebrief.com)Daily News Egypt · Oct 12, 2026
- [Banque du Caire to list 30% stake in upcoming Egyptian Exchange IPO](https://www.dailynewsegypt.com/2026/10/11/banque-du-caire-to-list-30-stake-in-upcoming-egyptian-exchange-ipo/?ref=blackexecutivebrief.com)Daily News Egypt · Oct 11, 2026

[Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/banque-misr?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets

BEJ Intelligence

[National Bank of Egypt](https://desk.blackexecutivebrief.com/company/national-bank-of-egypt?ref=blackexecutivebrief.com)

Bank · Cairo, Egypt

**1**SEC filings, 90 days**6**news items, 30 days

#### Latest SEC filings

- [Lecico Egypt S.A.E.](https://www.sec.gov/Archives/edgar/data/1468273/000101915526000420/0001019155-26-000420-index.htm?ref=blackexecutivebrief.com)424B3 · filed by another company, names this one · Sep 2, 2026
- [Four Leaf Acquisition Corp](https://www.sec.gov/Archives/edgar/data/1936255/000121390026075951/0001213900-26-075951-index.htm?ref=blackexecutivebrief.com)8-K · filed by another company, names this one · Jul 7, 2026

#### In the news

- [National Bank of Egypt retains Global Finance’s safest bank title for sixth consecutive year](https://www.dailynewsegypt.com/2026/10/18/national-bank-of-egypt-retains-global-finances-safest-bank-title-for-sixth-consecutive-year/?ref=blackexecutivebrief.com)Daily News Egypt · Oct 18, 2026
- [Madbouly witnesses Hyde Park deal to acquire 415 feddans in west Cairo](https://www.dailynewsegypt.com/2026/10/12/madbouly-witnesses-hyde-park-deal-to-acquire-415-feddans-in-west-cairo/?ref=blackexecutivebrief.com)Daily News Egypt · Oct 12, 2026
- [NBE delivers 100 fully equipped boats to transform vulnerable Luxor fishers’ futures](https://www.dailynewsegypt.com/2026/10/09/nbe-delivers-100-fully-equipped-motorboats-to-transform-vulnerable-luxor-fishers-futures/?ref=blackexecutivebrief.com)Daily News Egypt · Oct 9, 2026
- ['Livelihood Boats': The National Bank of Egypt equips 100 Luxor fishermen to secure their families' futures](https://africa.dailynewsegypt.com/national-bank-of-egypt-luxor-fishermen/?ref=blackexecutivebrief.com)Daily News Egypt · Oct 8, 2026

[Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/national-bank-of-egypt?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets

BEJ Intelligence

[Banque du Caire](https://desk.blackexecutivebrief.com/company/banque-du-caire?ref=blackexecutivebrief.com)

Bank · Cairo, Egypt

**0**SEC filings, 90 days**38**news items, 30 days

#### In the news

- [👨🏿‍🚀TechCabal Daily – OPay wants $336 million](https://techcabal.com/2026/10/26/%f0%9f%91%a8%f0%9f%8f%bf%f0%9f%9a%80techcabal-daily-opay-wants-336-million/?ref=blackexecutivebrief.com)TechCabal · Oct 26, 2026
- [Back to basics](https://enterpriseam.com/egypt/2026/10/26/back-to-basics/?ref=blackexecutivebrief.com)EnterpriseAM Egypt · Oct 25, 2026
- [Banque du Caire’s IPO grows to 45% as the EBRD and IFC sign on](https://news.google.com/rss/articles/CBMioAFBVV95cUxPY1d4N2xtbXNPbXF1UmktNm44YlpnUE5PZEx6RzFUSGNjdGtGMzFGbVNhbnhhS3VuYTdGOXEtV2tfTW5JOXNKMk12VVpsdnVmWFhEMGNZN2d4QWFENThRSFRmc1ZNbXh5OFdHR3prT0pDY01VOEpEaGxCenhKYTVDSzBFYVZjcmo1YWxSNHQweHphWWcySmIySm1ad2RSdHRl?oc=5&ref=blackexecutivebrief.com)EnterpriseAM Egypt · Oct 25, 2026
- [EBRD, IFC sign on to Banque du Caire’s upsized IPO](https://enterpriseam.com/egypt/2026/10/25/ebrd-ifc-sign-on-to-banque-du-caires-upsized-ipo/?ref=blackexecutivebrief.com)EnterpriseAM Egypt · Oct 24, 2026

[Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/banque-du-caire?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets

BEJ Intelligence

[Nigerian Exchange Group](https://desk.blackexecutivebrief.com/company/nigerian-exchange-group?ref=blackexecutivebrief.com)

Other · Lagos, Nigeria · NGX: NGXGROUP · Led by Temi Popoola

**0**SEC filings, 90 days**94**news items, 30 days

#### In the news

- [Union Dicon, three firms face restructuring deadline on NGX](https://businessday.ng/companies/article/union-dicon-three-firms-face-restructuring-deadline-on-ngx/?ref=blackexecutivebrief.com)BusinessDay · Oct 26, 2026
- [NGX rallies as equity market cap reaches record N163.1 trillion](https://nairametrics.com/2026/10/26/ngx-rallies-as-equity-market-cap-reaches-record-n163-1-trillion/?ref=blackexecutivebrief.com)Nairametrics · Oct 26, 2026
- [Union Dicon, three others face deadline as NGX flags nine firms for delisting, restructuring](https://nairametrics.com/2026/10/26/union-dicon-three-others-face-deadline-as-ngx-flags-nine-firms-for-delisting-restructuring/?ref=blackexecutivebrief.com)Nairametrics · Oct 26, 2026
- [Recapitalisation wave puts NGX on course for a record year](https://nairametrics.com/2026/10/26/recapitalisation-wave-puts-ngx-on-course-for-a-record-year/?ref=blackexecutivebrief.com)Nairametrics · Oct 26, 2026

[Full profile on Diaspora Desk Daily →](https://desk.blackexecutivebrief.com/company/nigerian-exchange-group?ref=blackexecutivebrief.com)Live data · SEC EDGAR, FINRA and approved outlets

## KEY TAKEAWAYS

- [**Afreximbank**](https://desk.blackexecutivebrief.com/company/afreximbank?ref=blackexecutivebrief.com)**'s net income rose 24% to US$813.5 million** in the nine months to Sept 30, 2026, up from US$654.3 million a year earlier ([Afreximbank — Oct 26, 2026](https://afreximbank.africa-newsroom.com/?lang=en&ref=blackexecutivebrief.com)).
- **Total assets and contingencies reached US$54.1 billion**, up 12% from US$48.5 billion at end-2025, with net loans at **US$36.2 billion** ([Afreximbank via Zawya — Oct 26, 2026](https://www.zawya.com/en/press-release/africa-press-releases/afreximbank-delivers-positive-nine-month-financial-results-as-net-income-grows-24-to-us813.5-million-and-assets-and-contingencies-exceed-us54.1-billion-1851105?ref=blackexecutivebrief.com)).
- **DPI Venture Capital closed its Nclude Fund above US$112 million**, with **93%** of commitments from African sources, according to TechCabal's interview with the fund's head ([TechCabal — Oct 26, 2026](https://techcabal.com/2026/10/26/dpi-closes-112-million-nclude-fund/?ref=blackexecutivebrief.com)).
- That close **exceeds the US$107 million** AVCA recorded across all six Africa-focused venture final closes in 2025 ([TechCabal — Oct 26, 2026](https://techcabal.com/2026/10/26/dpi-closes-112-million-nclude-fund/?ref=blackexecutivebrief.com)).
- **NGX RegCo is monitoring nine listed companies**, four on the Delisting Watchlist, and set a **November 2026** restructuring deadline for Union Dicon Salt ([Nairametrics — Oct 26, 2026](https://nairametrics.com/2026/10/26/union-dicon-three-others-face-deadline-as-ngx-flags-nine-firms-for-delisting-restructuring/?ref=blackexecutivebrief.com)).
- **Texas factory new orders fell to 9.3 from 30.7** in October, while the raw materials prices index climbed to **55.3**, almost twice its series average ([Federal Reserve Bank of Dallas — Oct 26, 2026](https://www.dallasfed.org/research/surveys/tmos/2026/2610?ref=blackexecutivebrief.com)).
- **Fifteen percent of Texas businesses** report at least some difficulty getting short-term credit, the same as a year ago ([Dallas Fed special questions — Oct 26, 2026](https://www.dallasfed.org/research/surveys/tbos/2026/2610q?ref=blackexecutivebrief.com)).

---

# STORIES THAT MATTER

---

## PAN-AFRICA & CARIBBEAN — Afreximbank Lifts Nine-Month Net Income 24% As Balance Sheet Passes US$54 Billion

The African Export-Import Bank reported **net income of US$813.5 million** for the nine months ended Sept 30, 2026, a **24%** rise on the US$654.3 million it earned a year earlier. The bank credited growth in lending, higher interest income and tight cost control ([Afreximbank — Oct 26, 2026](https://afreximbank.africa-newsroom.com/?lang=en&ref=blackexecutivebrief.com)). 

Gross income rose **11% to US$2.7 billion**. Interest income was up **9.1% to US$2.4 billion**, and net interest income gained **15% to US$1.5 billion** ([Afreximbank via Zawya — Oct 26, 2026](https://www.zawya.com/en/press-release/africa-press-releases/afreximbank-delivers-positive-nine-month-financial-results-as-net-income-grows-24-to-us813.5-million-and-assets-and-contingencies-exceed-us54.1-billion-1851105?ref=blackexecutivebrief.com)).

Most of the growth came from the loan book. 

Average loan balances rose from **US$28.9 billion to US$34.8 billion** year on year, and net loans and advances stood at **US$36.2 billion** against US$33.5 billion at end-2025\. Total assets and contingencies rose **12% to US$54.1 billion** ([Afreximbank via Zawya — Oct 26, 2026](https://www.zawya.com/en/press-release/africa-press-releases/afreximbank-delivers-positive-nine-month-financial-results-as-net-income-grows-24-to-us813.5-million-and-assets-and-contingencies-exceed-us54.1-billion-1851105?ref=blackexecutivebrief.com)). 

Fee and commission income from guarantees, letters of credit and advisory work increased to **US$136.9 million** from US$117.2 million.

Efficiency improved again. The cost-to-income ratio was **20%**, down from 21% and well under the bank's **30%** strategic ceiling. Return on average equity held at **12%**, and return on average assets improved to **2.48%** from 2.34% ([Afreximbank — Oct 26, 2026](https://afreximbank.africa-newsroom.com/?lang=en&ref=blackexecutivebrief.com)).

Credit and capital metrics deserve close attention. 

The non-performing loan ratio moved to **2.48%** from 2.43% at end-2025, and provisions for expected credit losses rose to **US$537.6 million** from US$481.3 million. The capital adequacy ratio eased to **22%** from 23%, and liquid assets of **US$6.1 billion** made up **13%** of total assets, down from 15% ([Afreximbank via Zawya — Oct 26, 2026](https://www.zawya.com/en/press-release/africa-press-releases/afreximbank-delivers-positive-nine-month-financial-results-as-net-income-grows-24-to-us813.5-million-and-assets-and-contingencies-exceed-us54.1-billion-1851105?ref=blackexecutivebrief.com)).

Shareholders' funds rose to **US$9.0 billion** from US$8.4 billion, helped by **US$195.2 million** in new equity contributions under the bank's General Capital Increase. 

On the funding side, Afreximbank completed a **US$1.5 billion dual-tranche bond** in July: US$750 million of 5.5-year notes and US$750 million of 10-year notes, roughly two times oversubscribed. 

Debt securities in issue rose to **US$4.4 billion** from US$3.4 billion. The bank also pointed to its **US$10 billion Gulf Crisis Response Programme**, which provides liquidity and keeps payments moving for essential imports, energy included ([Afreximbank via Zawya — Oct 26, 2026](https://www.zawya.com/en/press-release/africa-press-releases/afreximbank-delivers-positive-nine-month-financial-results-as-net-income-grows-24-to-us813.5-million-and-assets-and-contingencies-exceed-us54.1-billion-1851105?ref=blackexecutivebrief.com)).

"Our expanded lending portfolio, robust profitability and strong capital position demonstrate the effectiveness of our strategy," said Senior Executive Vice President Denys Denya. He described the bank's mandate as covering both Africa and the Caribbean ([Afreximbank — Oct 26, 2026](https://afreximbank.africa-newsroom.com/?lang=en&ref=blackexecutivebrief.com)).

### Why It Matters

Afreximbank is the largest trade-finance balance sheet owned by African and CARICOM shareholders. 

Its nine-month numbers show that balance sheet growing faster than its capital: assets rose 12% while capital adequacy and liquidity both slipped one to two points. Exporters, banks and Caribbean governments that rely on its guarantees and letters of credit can expect continued capacity. 

The pace of new equity under the capital increase, along with the NPL trend, will decide how long it can lend at this rate. Corporate treasurers should read the US$10 billion Gulf crisis line as a live source of import-payment liquidity while energy prices stay high.

---

## NORTH AFRICA — DPI Closes Nclude Fintech Fund Above US$112 Million With 93% African Capital

DPI Venture Capital, the early-stage arm of [Development Partners International](https://desk.blackexecutivebrief.com/company/development-partners-international?ref=blackexecutivebrief.com), has reached a **final close of more than US$112 million** for the Nclude Fund. DPI manages more than US$3 billion in assets across Africa. 

Managing partner Ashley Lewis told TechCabal that financial-services institutions committed nearly all of the capital and that **93%** came from within Africa ([TechCabal — Oct 26, 2026](https://techcabal.com/2026/10/26/dpi-closes-112-million-nclude-fund/?ref=blackexecutivebrief.com)).

Nclude started in March 2022 as an Egyptian fintech fund approved by the Central Bank of Egypt. [Banque Misr](https://desk.blackexecutivebrief.com/company/banque-misr?ref=blackexecutivebrief.com) was the anchor investor, with [National Bank of Egypt](https://desk.blackexecutivebrief.com/company/national-bank-of-egypt?ref=blackexecutivebrief.com) and [Banque du Caire](https://desk.blackexecutivebrief.com/company/banque-du-caire?ref=blackexecutivebrief.com) as strategic investors, and the Egyptian Banks Company, e-Finance and Mastercard joined later. 

DPI took over as adviser in 2025 after a restructuring. At that point the fund held **US$105 million** against an original **US$150 million** target ([TechCabal — Oct 26, 2026](https://techcabal.com/2026/10/26/dpi-closes-112-million-nclude-fund/?ref=blackexecutivebrief.com)).

Under DPI, the mandate now runs from seed to Series C. At least **10%** is reserved for seed deals, and up to **30%** can go outside Egypt. Cheques range from **US$500,000 to US$10 million**. 

The fund has backed **15 companies** in 18 months and expects to finish with 22 to 24\. Its portfolio includes Nawy (a US$52 million Series A), Paymob (a US$35 million pre-Series C led by Mubadala and the EBRD), FlapKap, Money Fellows, Kera and Accord Partners ([TechCabal — Oct 26, 2026](https://techcabal.com/2026/10/26/dpi-closes-112-million-nclude-fund/?ref=blackexecutivebrief.com)).

The size stands out against the market. AVCA recorded only **six final closes totalling US$107 million** for Africa-focused venture funds in 2025, an **87%** drop from 2024, according to the same report ([TechCabal — Oct 26, 2026](https://techcabal.com/2026/10/26/dpi-closes-112-million-nclude-fund/?ref=blackexecutivebrief.com)).

### Why It Matters

Most African venture money has come from foreign DFIs and global LPs, and Nclude flips that. Banks in Egypt supplied the capital and are using it to buy exposure to the embedded-finance and payments companies that will compete with them or distribute through them. 

Founders should note the structure: bank-anchored funds bring distribution, regulatory comfort and a strategic exit route that a purely financial LP cannot match. 

Diaspora and African allocators should note the benchmark too. 

One locally funded vehicle has now outraised a whole year of the continent's venture closes.

---

## NIGERIA — NGX RegCo Monitors Nine Listed Companies And Sets November Deadline For Union Dicon

[Nigerian Exchange](https://desk.blackexecutivebrief.com/company/nigerian-exchange-group?ref=blackexecutivebrief.com) Regulation Limited (NGX RegCo) is monitoring **nine companies** with outstanding listing-compliance or restructuring problems. 

**Four** are on the Delisting Watchlist and **five** are in business restructuring, according to the regulator's statement to Nairametrics and its Oct 23 X-Compliance Report ([Nairametrics — Oct 26, 2026](https://nairametrics.com/2026/10/26/union-dicon-three-others-face-deadline-as-ngx-flags-nine-firms-for-delisting-restructuring/?ref=blackexecutivebrief.com)).

The Exchange confirmed that **Union Dicon Salt Plc** has fixed its outstanding compliance deficiencies and now meets the Main Board free-float requirement. 

The company remains in business restructuring and must complete its outstanding post-listing obligations by **November 2026**. 

"Should the restructuring remain incomplete by the stipulated deadline, the matter will be presented to the appropriate committee and the Board of NGX Regulation Limited (NGX RegCo) for further deliberation," the Exchange said ([Nairametrics — Oct 26, 2026](https://nairametrics.com/2026/10/26/union-dicon-three-others-face-deadline-as-ngx-flags-nine-firms-for-delisting-restructuring/?ref=blackexecutivebrief.com)).

NGX stressed that watchlist status does not mean automatic delisting. 

Any change in listing status will be announced on its website and in later X-Compliance Reports. Critical Minerals Financing Corp Plc, already in restructuring, was approved for the watchlist subject to filing its Quarterly Compliance Report ([Nairametrics — Oct 26, 2026](https://nairametrics.com/2026/10/26/union-dicon-three-others-face-deadline-as-ngx-flags-nine-firms-for-delisting-restructuring/?ref=blackexecutivebrief.com)).

### Why It Matters

Nigeria is pushing to deepen its domestic investor base, and a tradable, compliant main board is the precondition. 

Clear deadlines and published compliance indicators give portfolio managers a way to price governance risk on smaller listings, where illiquidity and stale disclosure have long hit minority holders hardest. 

Boards of companies near the line should treat November as a review point that carries real consequences.

---

## UNITED STATES — Dallas Fed Survey Shows Texas Factory Orders Slowing As Input Prices Climb

Growth in Texas manufacturing output slowed in October. The production index fell **14 points to 15.8**, still above its series average ([Federal Reserve Bank of Dallas — Oct 26, 2026](https://www.dallasfed.org/research/surveys/tmos/2026/2610?ref=blackexecutivebrief.com)). 

The new orders index dropped to **9.3 from 30.7**, shipments fell **16 points to 8.4** and capacity utilization slipped to **13.7**.

Costs moved the other way. 

The raw materials prices index rose to **55.3**, well above its **28.1** series average, and finished goods prices edged up to **29.9** from 27.6\. The wages and benefits index fell **seven points to 20.8**, while employment cooled to **11.6** from 15.1 ([Federal Reserve Bank of Dallas — Oct 26, 2026](https://www.dallasfed.org/research/surveys/tmos/2026/2610?ref=blackexecutivebrief.com)).

Executives were more upbeat about the future. 

The general business activity index rose to **13.4** from 9.8, and the future general business activity index jumped **17 points to 38.1**. The Bank collected responses Oct 13–21 from **64 of 114** manufacturers surveyed ([Federal Reserve Bank of Dallas — Oct 26, 2026](https://www.dallasfed.org/research/surveys/tmos/2026/2610?ref=blackexecutivebrief.com)).

A special question on credit found **15%** of Texas businesses reporting at least some difficulty accessing short-term credit, unchanged from a year ago. Among manufacturers, **31.7%** reported no difficulty, **9.5%** some difficulty and **4.8%** substantial difficulty ([Dallas Fed special questions — Oct 26, 2026](https://www.dallasfed.org/research/surveys/tbos/2026/2610q?ref=blackexecutivebrief.com)).

### Why It Matters

The data lands two days before the FOMC decision. 

A sharp drop in orders alongside input prices near twice their norm is the margin squeeze that small and mid-sized suppliers feel first. Black-owned manufacturers and contractors in the Texas supply chain should lock in input pricing where they can and get working-capital lines approved before year-end. 

The credit question shows access holding steady, not loosening.

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## SOURCES

- [Afreximbank (APO Africa Newsroom) — Oct 26, 2026](https://afreximbank.africa-newsroom.com/?lang=en&ref=blackexecutivebrief.com)
- [Afreximbank nine-month results release via Zawya — Oct 26, 2026](https://www.zawya.com/en/press-release/africa-press-releases/afreximbank-delivers-positive-nine-month-financial-results-as-net-income-grows-24-to-us813.5-million-and-assets-and-contingencies-exceed-us54.1-billion-1851105?ref=blackexecutivebrief.com)
- [TechCabal — DPI closes $112 million Nclude fund — Oct 26, 2026](https://techcabal.com/2026/10/26/dpi-closes-112-million-nclude-fund/?ref=blackexecutivebrief.com)
- [Nairametrics — NGX flags nine firms for delisting, restructuring — Oct 26, 2026](https://nairametrics.com/2026/10/26/union-dicon-three-others-face-deadline-as-ngx-flags-nine-firms-for-delisting-restructuring/?ref=blackexecutivebrief.com)
- [Federal Reserve Bank of Dallas — Texas Manufacturing Outlook Survey — Oct 26, 2026](https://www.dallasfed.org/research/surveys/tmos/2026/2610?ref=blackexecutivebrief.com)
- [Federal Reserve Bank of Dallas — Special Questions: Credit Conditions — Oct 26, 2026](https://www.dallasfed.org/research/surveys/tbos/2026/2610q?ref=blackexecutivebrief.com)

*Disclaimer: This report is for informational purposes only and does not constitute financial advice. Consult a licensed advisor before making investment decisions.*