Africa Finance Corporation (AFC) has announced its strongest financial performance to date, with total revenue for the year ended December 31, 2024 surpassing $1 billion for the first time in the Corporation’s history.
The Corporation posted a 22.8 percent increase in total revenue to $1.1 billion and a 22.3 percent rise in total comprehensive income to $400 million, up from $327 million in 2023.
Also, its net interest income (NII) went up by 42.5 percent to $613.6 million; fee and commission income rose to $109 million, the highest in over five years. Operating income climbed 42.7 percent to $709.7 million. Total assets reached a record $14.4 billion, a 16.7 percent year-on-year (YoY) increase. Liquidity coverage ratio strengthened to 194percent, providing over 34 months of cover. Cost-to-income ratio (CIR) improved to 17.3 percent from 19.6 percent in 2023.