After the state development bank KfW recorded a decline during the Corona crisis in 2020, it was again able to generate billions in profits last year.
The surplus improved from 525 million euros in the previous year to 2.2 billion euros in 2021, as KfW announced on Friday in Frankfurt.
During the crisis, the development bank was particularly burdened by discounts on investments and additional risk provisions for loans at risk of default.
These effects reversed again in 2021.
"If you look at the two years 2020 and 2021 affected by Corona, KfW achieved an average result that is at the very good level of previous years," explained KfW boss Stefan Wintels.
This year, the development institute, which belongs to the federal government (80 percent) and the states (20 percent), will again be in great demand because of the economic consequences of the Ukraine war.
“The ongoing pandemic and the terrible war in Ukraine are expected to have a significant impact on the economy and society.
KfW will therefore continue to live up to its responsibility as a transformation and promotional bank with its programs and financing,” said Wintels.
Demand for corona aid decreased
Companies in Germany suffering from the economic consequences of the war receive state aid.
Finance Minister Christian Lindner (FDP) said in the Bundestag on Friday that he would make public with Economics Minister Robert Habeck (Greens) at noon what additional corporate aid the government would introduce.
A spokeswoman for Habeck announced at the end of March that the ministry was in close contact with KfW regarding a loan program.
Last year, given the economic recovery, the economy's demand for corona aid decreased.
The total funding volume of KfW fell by 21 percent to 107 billion euros compared to the previous year, but it was still well above the average of the years before Corona.