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Frankfurt am Main (ots) -
- New commitments of EUR 20.2 billion support German and European economies - EUR 628 million contribution to KfW's consolidated earnings - KfW IPEX-Bank generates operating income before taxes of EUR 274 million as a separate reporting entity - Outlook for 2016: Consolidate market position further, focus on syndicated business, moderate growth
Following the publication yesterday of KfW's 2015 Annual Report, KfW IPEX-Bank GmbH, which is responsible for the Export and Project Finance business sector, is today providing a detailed insight into this part of the Group's international business. In 2015, the development bank's wholly-owned subsidiary achieved its best ever result since it was hived off from KfW in 2008. The volume of new commitments came to EUR 20.2 billion (2014: EUR 16.6 billion).
"We can look back on an exceptional 2015 financial year," explains the opening passage of the Management Board's foreword to the Annual Report, which was published today (https://www.kfw-ipex-bank.de/International-financing/KfW-IPEX-Bank/). The specialist financier generated a commitment volume of EUR 17.4 billion (2014: EUR 15.4 billion) in its original lending business. In addition, there were new commitments for bank refinancing under the CIRR ship financing scheme - agency business managed on behalf of the German Federal Government. At around EUR 2.2 billion, these commitments were almost EUR 1 billion higher than in the previous year (2014: EUR 1.3 billion). The new commitment volume also included an equity investment of EUR 600 million for the implementation of the NordLink subsea cable project.
With a contribution of EUR 628 million to KfW's consolidated earnings, KfW IPEX-Bank reaffirmed its status as one of KfW Group's main sources of revenue. "The business sector once again played an active role in securing KfW's long-term promotional capacity, despite challenging economic and market conditions," said Klaus R. Michalak, CEO of KfW IPEX-Bank.
The operating result of KfW's Export and Project Finance business sector, for which KfW IPEX-Bank is responsible, was EUR 690 million, exceeding the level of success already achieved in the previous year (2014: EUR 619 million). It mainly comprised net interest income, which increased substantially year on year, and net commission income, less administrative expense, which saw only a slight rise. Risk provisions for the lending business also had an extraordinary (positive) effect on the result. Net reversals of provisions meant that the result from ordinary business activities totalled EUR 722 million. All recognisable risks were, however, covered by commensurate risk provisions.
KfW IPEX-Bank GmbH is a legally independent and separate reporting entity which performs all export and project finance market transactions. It reported operating income before taxes of EUR 274 million - also a very good result. The volume of lending in the Export and Project Finance business sector was EUR 69.4 billion as at 31 December 2015 (previous year: EUR 64.3 billion).
Outlook for 2016: KfW IPEX-Bank is concentrating its business on reinforcing its position as a dependable specialist financier and strong partner for the German and European economies. It will continue to focus on close cooperation with clients and partner banks in the future. "Particularly when it comes to providing clients with large volumes of debt capital, KfW IPEX-Bank works constructively with other banks to structure tailored syndicated financing," said Michalak. Overall, the Export and Project Finance business sector plans further moderate organic growth. The bank's performance in 2015 was the cumulative result of a number of individual factors and cannot simply be projected into the future. The 2016 target for new commitments is therefore EUR 16.2 billion.
The Annual Report published today at https://www.kfw-ipex-bank.de/International-financing/KfW-IPEX-Bank/ also includes the 2015 Corporate Governance Report, published voluntarily by KfW IPEX-Bank as part of the KfW Group.
**The full press release with a summary table of key figures of KfW IPEX-Bank can be found at: http://ots.de/CX2SG
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: Thoams Krick, E-Mail: firstname.lastname@example.org
Tel. 069 7431-8454, Fax: 069 7431-9409, E-Mail: