Reporting 2023

Annual Report – development in financial year 2023

Bar graph for consolidated profit 2019-2023, for details see table "Changes of key figures 2023-2019 (tabular overview)

Bar graph for total assets 2019-2023, for details see table "Changes of key figures 2023-2019 (tabular overview)

	2023 EUR in billions	2022 EUR in billions	2021 EUR in billions	2020 EUR in billions	2019 EUR in billions
Promotional business volume	111.3	166.9	107.0	135.3	77.3
Domestic promotion	77.1	136.1	82.9	106.4	43.4
Export- and project finance	24.2	18.1	13.6	16.6	22.1
Development finance	10.9	12.6	10.1	12.4	10.6
Financial markets	0.5	0.4	0.5	0.4	1.4

	2023 EUR in millions	2022 EUR in millions	2021 EUR in millions	2020 EUR in millions	2019 EUR in millions
Consolidated profit after IFRS effects	1,559	1,365	2,215	525	1,367
Consolidated profit before IFRS effects	1,347	1,183	2,354	633	1,447

	2023 EUR in billions	2022 EUR in billions	2021 EUR in billions	2020 EUR in billions	2019 EUR in billions
Total assets	560.7	554.6	551.0¹⁾	546.4	506.0

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).

With consolidated profit of EUR 1.6 billion, KfW's earnings position came in very satisfactory, clearly above the prior-year figure (2022: EUR 1.4 billion) and expectations (EUR 1.0 billion), despite the uncertainties in the geopolitical and macroeconomic environment.

For detailed information see our press release on the annual results 2023

Detailed key figures 2023-2022

	2023 EUR in billions	2022 EUR in billions
Promotional business volume	111.3	166.9

	2023 EUR in millions	2022 EUR in millions
Net interest income (before promotional expense)	2,738	2,416
Net commission income (before promotional expense)	606	629
Administrative expense (before promotional expense)	1,547	1,509
Operating result before valuation (before promotional expense)	1,797	1,536
Risk provisions for lending business	165	-122
Net gains/losses from hedge accounting and other financial instruments at fair value through profit or loss	114	214
Net gains/losses from securities and investments and from investments accounted for using the equity method	33	41
Operating result after valuation (before promotional expense)	2,109	1,668
Net other operating income or loss (before promotional expense)	-14	1
Profit/loss from operating activities (before promotional expense)	2,095	1,669
Promotional expense	371	305
Taxes on income	165	-1
Consolidated profit	1,559	1,365
Consolidated profit before IFRS effects	1,347	1,183
Cost/income ratio before promotional expense¹⁾	46.3%	49.6%

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. 2023 EUR in billions	31 Dec. 2022 EUR in billions
Total assets	560.7	554.6
Volume of lending	599.1	607.0
Volume of business	724.4	709.6
Equity	38.1	36.6
Equity ratio	6.8%	6.6%

	31 Dec. 2023 EUR in billions	31 Dec. 2022 EUR in billions
Risk position	131.4	139.6
Tier 1 capital	36.6	34.9
Regulatory capital	36.7	35.1
Tier 1 capital ratio	27.9%	25.0%
Total capital ratio	27.9%	25.2%

	2023	2022
Employees ¹⁾	8,149	7,984

Our impact in detail

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Legal notice:
The information contained in this online Annual Report 2023 is based on KfW’s Financial Report 2023, which you can download here. Should this online Annual Report 2023, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2023 takes priority.

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Reporting 2023

Annual Report – development in financial year 2023

Changes of key figures 2023-2019 (tabular overview)

Detailed key figures 2023-2022

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 2023

Annual Report – development in financial year 2023

Changes of key figures 2023-2019 (tabular overview)

Detailed key figures 2023-2022

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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