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
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).
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).
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).
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).
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).
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).
"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).
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.
DPI Venture Capital, the early-stage arm of Development Partners International, 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).
Nclude started in March 2022 as an Egyptian fintech fund approved by the Central Bank of Egypt. Banque Misr was the anchor investor, with National Bank of Egypt and Banque du Caire 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).
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).
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).
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.
Nigerian Exchange 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).
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).
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).
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.
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).
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).
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).
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).
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.
Disclaimer: This report is for informational purposes only and does not constitute financial advice. Consult a licensed advisor before making investment decisions.
