KfW IPEX-Bank has made a good start to the year: At €6.1bn, its new commitments at the end of the first quarter were roughly on par with the previous year.
KfW IPEX Bank is responsible for the export and project finance business sector and provides financing to support German and European companies on the global markets, including for shipping, shipyard and port customers. [ds_preview]
All business lines contributed to the new business, which was €600,000 below the previous year’s volume, according to a statement from the state-owned bank. The “Mobility” division, in which the rail transport, maritime industry and aviation divisions have been combined since the beginning of the year, is particularly noteworthy. At €3.3bn, this area accounted for more than half of the total commitments.
KfW supports terminal in Duisburg and Faroe Islands ferries
Financing was provided, for example, for Germany’s first completely climate-neutral hydrogen-powered container terminal, the Duisburg Gateway Terminal (DGT) in the Port of Duisburg, RoRo ferries in the Faroe Islands, new Cobelfret buildings or offshore ships, battery cell production projects and “green” steel production in Sweden, as well as onshore and offshore wind farms.
Overall, the KfW Group’s promotional business volume of €17.5bn has returned to the level of the pre-crisis years, according to the report. At €461m, consolidated net income was above the average of the last five years (03/2023: €394m). The core capital ratio remained stable at 28.5%. Total assets decreased from €560.7 bn at the end of 2023 to €552.6bn, mainly due to a decline in the net loan volume and lower liquidity holdings.
