The Africa Finance Corporation (AFC), one of Africa’s leading infrastructure multilateral development finance institutions, announced it achieved $100.3m net profits in 2017, according to the financial year results published on Sunday.
The results indicate that the AFC’s total comprehensive income registered at $109.2m in 2017, while their total assets registered at $4.2bn, achieving a 21% year-over-year growth.
On the other hand, the corporation’s total equity reached $1.5bn in the same period, and its net interest income rose by 21% year-over-year to record $142.7m.
“2017 has seen a robust performance in the face of challenging conditions. Despite a year marked by fiscal challenges, fewer bankable projects, and a market-wide reduction in terms of investment, [the] AFC delivered strong underlying results, as the above numbers show,” Andrew Alli, president and CEO of the AFC commented on the results.
He added that the AFC also maintained its momentum, “welcoming Kenya, Zambia, and Benin as new member states, pioneering innovative funding instruments such as our oversubscribed sukuk, and continuing to enable numerous successful infrastructure projects that will transform the economies we invest in.”
Alli explained that the AFC grew its profit from $4.4m to $100.3m, an approximate twentyfold increase in its first decade, while achieving an aggregate dividend of $304.4m to its shareholders and elevated the corporation to the second-best rated lending institution in Africa.
