Reporting 2021

Annual Report – development in financial year 2021

Bar graph for consolidated profit 2017-2021, for details see table "Changes of key figures 2021-2017 (tabular overview)"

Bar graph for total assets 2017-2021, for details see table "Changes of key figures 2021-2017 (tabular overview)"

	2021 EUR in billions	2020 EUR in billions	2019 EUR in billions	2018 EUR in billions	2017 EUR in billions
Promotional business volume	107.0	135.3	77.3	75.5	76.5
Domestic promotion	82.9	106.4	43.4	46.0	51.8
Export- and project finance	13.6	16.6	22.1	17.7	13.8
Development finance	10.1	12.4	10.6	10.6	9.7
Financial markets	0.5	0.4	1.4	1.5	1.5

	2021 EUR in millions	2020 EUR in millions	2019 EUR in millions	2018 EUR in millions	2017 EUR in millions
Consolidated profit after IFRS effects	2,215	525	1,367	1,636	1,427
Consolidated profit before IFRS effects	2,354	633	1,447	1,311	1,192

	2021 EUR in billions	2020 EUR in billions	2019 EUR in billions	2018 EUR in billions	20217 EUR in billions
Total assets	551.0	546.4	506.0	485.6	472.2

On the back of the economic recovery, KfW’s earnings position developed much better in the 2021 financial year than in the previous year (EUR 525 million), with consolidated profit standing at EUR 2,215 million. This was due in particular to a very good valuation result, which is characterised by the reversal of risk provisions for lending and significant increases in value in the investment portfolio. In the previous year, the valuation result was significantly impacted by the economic effects of the coronavirus crisis on KfW’s lending and investment business.

For detailed information see our press release on the annual results 2021

Detailed key figures 2021-2020

	2021 EUR in billions	2020 EUR in billions
Promotional business volume	107.0	135.3

	2021 EUR in millions	2020 EUR in millions
Net interest income (before promotional expense)	2,531	2,601
Net commission income (before promotional expense)	634	584
Administrative expense (before promotional expense)	1,452	1,330
Operating result before valuation (before promotional expense)	1,712	1,855
Risk provisions for lending business	196	-777
Net gains/losses from hedge accounting and other financial instruments at fair value through profit or loss	657	-412
Net gains/losses from securities and investments and from investments accounted for using the equity method	10	25
Operating result after valuation (before promotional expense)	2,575	691
Net other operating income or loss (before promotional expense)	-34	-2
Profit/loss from operating activities (before promotional expense)	2,541	688
Promotional expense	188	88
Taxes on income	137	76
Consolidated profit	2,215	525
Consolidated profit before IFRS effects	2,354	633
Cost/income ratio before promotional expense¹⁾	45.9	41.8%

¹⁾Administrative expense (before promotional expense) in relation to adjusted income. Adjusted income is calculated from Net interest income and Net commission income (in each case before promotional expense).

	31 Dec. 2021 EUR in billions	31 Dec. 2020 EUR in billions
Total assets	551.0	546.4
Volume of lending	564.2	543.1
Volume of business	686.9	674.1¹⁾
Equity	34.2	31.8
Equity ratio	6.2%	5.8%

¹⁾The comparative figure was adjusted by EUR 332 million to fully reflect all trust relationships.

	31 Dec. 2021 EUR in billions	31 Dec. 2020 EUR in billions
Risk position	135.1	124.2
Tier 1 capital	32.3	29.9
Regulatory capital	32.3	30.1
Tier 1 capital ratio	23.9%	24.1%
Total capital ratio	23.9%	24.3%

	2021	2020
Employees ¹⁾	7,734	7,382

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Legal notice:
The information contained in this online Annual Report 2021 is based on KfW’s Financial Report 2021, which you can download here. Should this online Annual Report 2021, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2021 takes priority.

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Reporting 2021

Annual Report – development in financial year 2021

Changes of key figures 2021-2017 (tabular overview)

Detailed key figures 2021-2020

Promotional business volume

Key figures of the income statement

Key figures of the statement of financial position

Key regulatory figures

Employees of KfW Group

Our impact in detail

Reporting Portal

Reporting of KfW Group

Reporting of subsidiaries

Reporting 2021

Annual Report – development in financial year 2021

Changes of key figures 2021-2017 (tabular overview)

Detailed key figures 2021-2020

Promotional business volume

Key figures of the income statement

Key figures of the statement of financial position

Key regulatory figures

Employees of KfW Group

Our impact in detail

Reporting Portal

Reporting of KfW Group

Reporting of subsidiaries

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