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Financial statements 2013: KfW IPEX-Bank reports excellent business development
Frankfurt am Main (ots) -
- EUR 13.7 billion in new business - KfW IPEX-Bank contributes EUR 437 million to KfW's results - Operating income before risk provisions up by 8% to EUR 285 million - Outlook for 2014: Maintain market position, new business target slightly higher than in the previous year
KfW IPEX-Bank closed the preceding financial year with distinctly positive results: In 2013 its original lending business exceeded expectations by reaching a total of EUR 13.7 billion in new business (2012: EUR 12.9 billion). "This positive business development is the result - and marks the success - of consistent implementation of the bank's sales strategy: As a specialist financier we focus on the key sectors that are important for the German and European economies. We consider ourselves a partner that supports companies' international business activities in the form of tailored medium- and long-term financing", commented Klaus R. Michalak, Managing Director and as of 1 May 2014 CEO of KfW IPEX-Bank, about the results that were announced today in Frankfurt.
The operating result for the Export and Project Finance business sector for which KfW IPEX-Bank is responsible is, at EUR 634 million, slightly down year-on-year (2012: EUR 646 million). It largely comprised net interest income and net commission income less administrative expenses. The ongoing crisis in merchant shipping continued to put pressure on the valuation result that was, however, more moderate in the reporting year than in 2012. Profit from operating activities increased to EUR 458 million (2012: EUR 307 million). In 2013 the Export and Project Finance business sector contributed EUR 437 million (2012: EUR 298 million) to KfW's consolidated earnings, confirming its role as one of the key sources of revenue for the KfW Group. "Although the overall economic conditions did not offer the best starting position, the business sector was able to contribute towards ensuring the long-term promotional capacity of KfW", continued Michalak.
The legally independent KfW IPEX-Bank GmbH, which prepares separate financial statements and which carries out all E&P market transactions, also reported a good operating income before risk provisions of EUR 285 million under the given overall economic conditions. This represents an increase of 8% compared with the previous year (2012: EUR 264 million). The bank's net income for the year increased markedly, soaring to EUR 85 million (2012: EUR 17 million). The total volume of lending in the Export and Project Finance business sector amounted to EUR 59.9 billion as at 31 December 2013 (previous year: EUR 60.9 billion).
Outlook: KfW IPEX-Bank intends to maintain its position as a leading specialist financier and reliable partner for the German and European economies in 2014 as well. According to the 2013 Annual Report published today together with the financial statements: "Our rigorous internal strategy process will be a key factor in this, helping us to set targets based on annual evaluations and planning in order to align our business with the prevailing market and competitive situation." KfW IPEX-Bank is anticipating moderate organic growth in the coming year. The planned new business volume for 2014 is EUR 13.2 billion (planned volume for 2013: EUR 13.1 billion).
The Annual Report once again includes the Corporate Governance Report 2013, which the bank publishes voluntarily every year.
An Overview of the key financial figures is available at http://ots.de/kQkqe
About KfW IPEX-Bank GmbH
Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 FrankfurtOriginal-Content von: KfW IPEX-Bank, übermittelt durch news aktuell
Pressestelle: E-Mail: Thomas.Krick@kfw.de
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