Improving Governance in Africa

Positive allocable income in a negative operating environment Allocable income at comfortable level reinforces the Bank's financial capacity Reserves have first claim on earnings In USD million 287 USD 2.9 billion of allocable income since 2006 USD 1.2 billion allocated to reserves 234 190 109 88 58 178 146 132 2013 2014 2015 African Development Fund USD 1.7 billion allocated to high development impact initiatives and surplus accounts Middle Income Country Trust Fund Special Relief Fund • Non-sovereign operations generated a proportionally larger share of revenue but higher profit margins were counterbalanced by slightly higher provision rates Increase in non-sovereign operations provisioning resulted from unfavorable operating context Low interest rate environment Allocation to development initiatives Allocation to reserves AfDB cost-to-income ratio continues to be the lowest among peers 29

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