Nigeria, April 15 -- Profits at Afreximbank, the multilateral lender focused on financing intra-African trade and development, climbed 28.8% in 2024, quickened by a series of interest rate hikes in response to high inflation across Africa.

In its earnings report on Monday, the Cairo-headquartered lender acknowledged the impact of its subsidiaries, which it said are "beginning to make meaningful contributions to the Group's financial results."

Afreximbank, which has tentacles in insurance, equity investment and payments, reported a 26.9 per cent jump in turnover to $3.3 billion.

Interest income, the lifeblood of the group's topline, climbed to $3.1 billion, adding 23.2 per cent year on year.

Net interest income, a key performance indic...