The state development bank KfW is 80 percent owned by the federal government and 20 percent by the federal states. It provides medium-sized companies, home builders and students with low-interest loans.
The state development bank KfW has made a lively start to the year of its 75th anniversary. Consolidated profit rose to 394 million euros in the first quarter after 60 million euros in the same period last year, as the institute announced on Wednesday in Frankfurt. The result for the first quarter of 2022 was still heavily impacted by the burdens resulting from the Russian war of aggression in Ukraine. “In the year of our 75th anniversary, we got off to a good start in the new funding year. We continue to provide support during the crisis,” said CEO Stefan Wintels. “Despite numerous challenges, I look to the current year with confidence.”
At EUR 40 billion, the banking group’s funding volume was slightly below the high level of EUR 41 billion seen in the first three months of last year. Fortunately, the funding business is also normalizing, said Wintels. After massive support for the economy in the Corona crisis, the billions that the federal government decided to secure the energy supply and to relieve households and companies caused the funding volume of the institute to skyrocket last year.
According to the information, there was significant demand in the areas of corporate investment, environment and sustainability, and public infrastructure in the first quarter.
The then Kreditanstalt für Wiederaufbau (KfW) began its work when the KfW Law came into force on November 18, 1948. After the Second World War, the Americans and British gave the institute the task of rebuilding a devastated Germany with funds from the Marshall Plan.
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