Our mission worldwide

KfW is one of the world’s leading promotional banks. It applies its decades of experience to improve economic, social and environmental living conditions across the globe on behalf of the Federal Republic of Germany and the federal states.

KfW Group business activities (EUR in billions)

2017
2016
2015

	2017 EUR in millions	2016 EUR in millions	2015 EUR in millions
Net interest income (before promotional activity)	2,579	2,802	2,904
Net commission income (before promotional activity)	316	280	286
Administrative expense (before promotional activity)	1,234	1,185	1,125
Operating result before valuation (before promotional activity)	1,661	1,898	2,066
Risk provisions for lending business	-209	-150	-48
Net gains/losses from hedge accounting and other financial instruments at fair value through profit or loss	194	349	478
Net gains/losses from securities and investments and from investments accounted for using the equity method	22	11	43
Operating result after valuation (before promotional activity)	1,669	2,108	2,539
Net other operating income	-2	102	107
Profit/loss from operating activities (before promotional activity)	1,667	2,210	2,647
Promotional activity	213	230	345
Taxes on income	26	-21	130
Consolidated profit	1,427	2,002	2,171
Consolidated profit before IFRS effects	1,192	1,769	1,900
Cost/income ratio before promotional activity¹⁾	42.6%	38.4%	35.2%

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

	31 Dec. 2017 EUR in billions	31 Dec. 2016 EUR in billions	31 Dec. 2015 EUR in billions
Total assets	472.3	507.0	503.0
Volume of lending	471.7	472.4	447.0
Volume of business	572.2	609.2	587.2
Equity	28.7	27.1	25.2
Equity ratio	6,1%	5.3%	5.0%

	31 Dec. 2017 EUR in billions	31 Dec. 2016 EUR in billions	31 Dec. 2015 EUR in billions
Risk position	133.1	116.1	131.8
Tier 1 capital	27.3	25.9	24.1
Regulatory capital	27.3	25.9	24.2
Tier 1 capital ratio	20,6%	22.3%	18.3%
Total capital ratio	20,6%	22.3%	18.4%

	2017	2016	2015
Employees ¹⁾	6,113	5,944	5,807

The figures in tables were calculated exactly and added up. Figures presented may not add to totals because of independent rounding.

Legal notice:
The information contained in this online Annual Report 2017 is based on KfW’s Financial Report 2017, which you can download here. Should this online Annual Report 2017, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2017 takes priority.

Financial Report 2017 (PDF)

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KfW is one of the world’s leading promotional banks. With its decades of experience, KfW is committed to improving economic, social and ecological living conditions across the globe on behalf of the Federal Republic of Germany and the federal states.

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Our mission worldwide

Key figures of the income statement

Key figures of the statement of financial position

Key regulatory figures

Employees of KfW Group

Financial Report 2017 (PDF)

Financial Report 2017 (Selected sections as separate PDFs)

KfW at a Glance

Our mission worldwide

Key figures of the income statement

Key figures of the statement of financial position

Key regulatory figures

Employees of KfW Group

Financial Report 2017 (PDF)

Financial Report 2017 (Selected sections as separate PDFs)

KfW at a Glance

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