AFL’s 2025 half-yearly results: strong growth in results that supports its development

AFL, the bank dedicated to French local governments, has published its half-year 2025 results, marked by strong growth.

As of June 30, 2025, the AFL Group reports robust performance:

  • Net banking income increased by 43% to €15.4 million, and by 27% after accounting for AT1 interest expenses, compared with H1 2024;
    • Gross operating income doubled to €6.3 million, up 58% after accounting for AT1 interest expenses, compared with H1 2024;
    • Credit origination reached €728 million for the half-year, representing a 20% increase versus H1 2024;
    • Two capital increases brought in 87 new shareholder local authorities, bringing the total number of shareholder local authorities to 1,131;
    • Liquidity stood at €2.1 billion, covering all operational needs for a 10-month horizon;
    • Capitalization remains strong, with a banking leverage ratio of 2.43% (excluding AT1; minimum regulatory limit at 1.7%).

KEY FIGURES – H1 2025 RESULTS

1,131
SHAREHOLDER LOCAL AUTHORITIES
€728M
CREDIT ORIGINATION
€1.3BN
RAISED ON CAPITAL MARKETS
€15.4M
NET BANKING INCOME
€6.3M
GROSS OPERATING INCOME
“In a complex environment, AFL is continuing along its growth trajectory. The results for the first half of 2025 that are in line with the forecasts included in the budget for the year 2025 and the multi-annual business plan, confirm the robustness of the AFL model and illustrate its ability to adapt and consolidate its position with French local authorities”, explains Yves Millardet, Chairman of AFL’s Executive Board.
Half year reports, accounts and press release about results as of June 30, 2025
Press release - AFL financial results - 2025/06/30
AFL - half year report - 2025/06/30
AFL-ST - Consolidated accounts - 2025/06/30