KfW IPEX-Bank very successful in 2010
Frankfurt am Main (ots)
- EUR 9.3 billion in new commitments to support the German and
European export industry
- Net income of EUR 145 million for KfW IPEX-Bank GmbH
- EUR 889 million as outstanding contribution to the consolidated
earnings of KfW Bankengruppe and to ensuring KfW's promotional
capacity
- Focus in 2011: Accompanying domestic enterprises in global
marketsKfW IPEX-Bank completed the past financial year with clearly positive numbers. The new commitments of the specialised financier increased slightly in 2010 over the previous year to EUR 9.3 billion (2009: EUR 8.9 billion). The volume was comprised of EUR 8.3 billion in new commitments from the original credit business and an additional EUR 1.1 billion from bank funding from the ship financing CIRR (Commercial Interest Reference Rate), a mandated business for the federal government.
In 2010 KfW IPEX-Bank achieved an overall result before taxes of EUR 179 million. After subtracting taxes of EUR 34 million, KfW IPEX-Bank had a net income amounting to EUR 145 million. This enabled the complete recovery of the loss carried forward from the previous year amounting to EUR 85 million and the replenishment of the capital contribution of silent partner amounting to EUR 55 million.
With EUR 889 million in 2010 the business area Export and Project Finance, for which KfW IPEX-Bank is responsible, was able to make an outstanding contribution to the consolidated earnings of KfW Bankengruppe compared to previous years. KfW IPEX-Bank thereby confirmed its role as a generator of earnings for KfW Bankengruppe - and made an important contribution to KfW's promotional capacity. This high value is also exceptional in terms of the long-term average. It is explained by a number of individual effects, however it is mainly due to the significantly lower risk provisions in the reporting year, whose costs were greatly reduced as a result of the stabile risk structure in the credit portfolio.
In the previous year, KfW IPEX-Bank concentrated on its mission to strengthen the German and European economy over the long-term and on its core competencies as project and export financier. "The year 2010 had its own, unique set of dynamics for our business. On the one hand, it was characterised by the aftermath of the financial crisis. On the other hand, the economy recovered noticeably, particularly in the second half of the year. Our bank decisively used the opportunities that arose from this recovery" writes the Management Board in the Forward of the 2010 Annual Report, which is being published today with the financial statements.
In the future, the Management Board of KfW IPEX-Bank will focus on the lines of business where it has many years of experience and comprehensive know-how, namely, support for the German and European export industries, financing of means of transport, infrastructure investments, projects related to global environmental and climate protection, and projects that secure the supply of raw materials. "We expect the largest growth surge in the areas of energy, environment and manufacturing industries", says Harald D. Zenke, Speaker of the Management Board, with an eye towards the export project business in industrialising countries. "Thanks to the know-how in KfW Bankengruppe and the contacts developed over many years, we can enable SMEs to export to countries that they had not considered before", continued Zenke. On the basis of the economic conditions described above, in 2011 KfW IPEX-Bank anticipates a new business volume in the business area Export and Project Finance of around EUR 8.6 billion in its original credit business.
Annual Report 2010
In the Annual Report published today you will for the first time also find the Corporate Governance Report, to which KfW IPEX-Bank has voluntarily committed itself. You can view and download the Annual Report on our website: www.kfw-ipex-bank.de .
Note for editorial offices:
If you would like to receive the Annual Report of KfW IPEX-Bank GmbH, please send a short email to Presse.Ipex@KfW.de. We will gladly send you a print version.
*** The complete press release with the key figures of KfW-IPEX Bank you find on our Homepage www.ipx-bank.de ***
About KfW IPEX-Bank
Within KfW Bankengruppe KfW IPEX-Bank is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium- and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of
contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: axel.breitbach@kfw.de
Tel. 069 7431-2961, Fax: 069 7431-9409,
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de
Original-Content von: KfW IPEX-Bank, übermittelt durch news aktuell