2024 annual results: record activity drives strong performance and reinforces the attractiveness of AFL’s model

AFL, the bank for local authorities, has published its 2024 results. A year marked by unprecedented activity, delivering solid results and reinforcing the attractiveness of AFL’s model, with 269 new local authorities becoming shareholders, a record since the bank’s inception.

The competitiveness of AFL’s financing solutions for local authorities and the strengthening of its financial structure have enabled balanced growth, with a limited cost of risk.

AFL has demonstrated its ability to fulfill its mission and to adequately respond to the needs of local authorities.

As of December 31, 2024, the AFL Group reports strong results:

  • Net banking income exceeds €24 million (+3%), while gross operating profit rises to €7.8 million (+3%)
  • Loan origination reaches €2 billion for the first time
  • New memberships amount to 269 local authorities, a record since the Group’s inception over 10 years ago, bringing the total number of shareholder members to 1,045
  • Liquidity remains high, with LCR at 447% and NSFR at 220%
  • The CET1 ratio stands at 63%
  • The leverage ratio for public development credit institutions stands at 11.25%

Key Figures from the 2024 annual results

1,045
LOCAL AUTHORITY SHAREHOLDERS
€328M
COMMITTED CAPITAL
€2bn
IN LOAN ORIGINATION
€2.4bn
RAISED ON THE MARKETS
€24.1M
IN NET BANKING INCOME
€7,848K
IN GROSS OPERATING PROFIT
Annual reports, accounts and press release (2024)
AFL annual report - Financial results 2024/12/31
AFL-ST annual report - Financial results 2024/12/31
AFL annual results - Press release - 2024/12/31