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

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.