The KfW Group has reported an increase in new commitments within its Private Clients segment, reaching approximately EUR 15.3 billion by the end of September 2024. This figure represents a rise of about EUR 3 billion compared to the same period last year. The growth was mainly attributed to increased commitments in energy efficiency and renewable energies, which totaled EUR 9.5 billion.
Stefan Wintels, CEO of KfW, stated: “Even under challenging conditions, KfW supports private individuals, companies and municipalities in their sustainable transformation with its programmes and financing. The high demand from private clients for financing for energy efficiency and renewables is remarkable. The public are on board with the energy transition.”
KfW's consolidated profit for the first three quarters of 2024 amounted to EUR 1,284 million, surpassing expectations and exceeding last year's figure by EUR 60 million. Wintels commented on this performance: “Our consolidated earnings show a positive trend. This is important, as a strong financial position is essential for us to continue supporting the economy and society effectively in the future.”
Despite these gains, KfW's overall promotional business volume fell to EUR 53.9 billion during the first nine months of 2024 from EUR 80.8 billion in the previous year. The decline was largely due to the discontinuation of special programs such as emergency aid and price brakes for gas and heat.
The demand for commercial and municipal company financing was impacted by external factors like a weak economic situation and high EU reference rates, resulting in less favorable conditions for state aid-free programs.
In contrast, KfW IPEX-Bank saw growth in export and project financing with commitments nearing those of last year at EUR 19.2 billion.
Promotion efforts in development cooperation also rose to EUR 4 billion from EUR 3 billion previously, with significant contributions from both KfW Development Bank and DEG.
The bank's net interest income before promotional expenses reached EUR 2,152 million due to higher income from interest on own funds and lending activities.
KfW continues its digitalization initiatives by issuing several digital bonds through innovative platforms like D7 Digital Post-Trade Platform of the German Stock Exchange.