The figure was announced by the governing body's Finance Committee at the ITF Conference and Annual General Meeting (AGM) in Ho Chi Minh City today.

Delegates in the Vietnamese city were told that member nations had received an increase of nearly $12 million (£9 million/€10 million) in the last two years.

Finance Committee chairman Rene Stammbach and ITF executive director of finance Dominic Anghileri revealed the organisation's performance had enabled them to give back to countries around the world.

"We are able to say with confidence that the growth in money going back to our national associations illustrates that we are delivering for nations," said Stammbach.

"Revenue has grown substantially, costs are under control, and the reserves are healthy - providing a sound base to support the organisation going forward and providing a source of funds for investment in our future."

Anghileri announced that operating income had grown from $53.8 million (£40.9 million/€45.3 million) in 2015 to $70.2 million (£53.4 million/€59.2 million) in 2017.

A total of $41.8million (£31.8 million/€35.2 million) has been distributed to member nations in 2017, an increase of 40 per cent.

"The increase in income is being used to fund greater distributions to our member nations," Anghileri said.

"Furthermore, these distributions are consistent with the priorities identified in ITF 2024."

The ITF has also announced plans to engage more with countries and regional associations, setting up a new department headed by international relations manager James McGurran.

"Our goal is to engage with, listen to, and understand our national associations better," McGurran said.

"What we intend to do is communicate more to understand the strengths and weaknesses of our members and the unique challenges that they face."

The formal AGM is due take place tomorrow where key votes - including on reforms to the Davis Cup - will be held.