Reporting 2024

Annual Report – development in financial year 2024

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)

	2024 EUR in billions	2023 EUR in billions	2022 EUR in billions	2021 EUR in billions	2020 EUR in billions
Promotional business volume	112.8	111.3	166.9	107.0	135.3
Domestic promotion	79.0	77.1	136.1	82.9	106.4
Export- and project finance	23.9	24.2	18.1	13.6	16.6
Development finance	10.3	10.9	12.6	10.1	12.4
Financial markets	0.0	0.5	0.4	0.5	0.4

	2024 EUR in millions	2023 EUR in millions	2022 EUR in millions	2021 EUR in millions	2020 EUR in millions
Consolidated profit after IFRS effects	1,402	1,559	1,365	2,215	525
Consolidated profit before IFRS effects	1,354	1,347	1,183	2,354	633

	2024 EUR in billions	2023 EUR in billions	2022 EUR in billions	2021 EUR in billions	2020 EUR in billions
Total assets	545.4	560.7	554.6	551.0¹⁾	546.4

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).

The earnings position in 2024 was highly satisfactory despite the persistent challenging geopolitical and macroeconomic environment. Consolidated profit stood at EUR 1.4 billion thanks to the strong operating result, and was considerably above expectations but below the prior-year result of EUR 1.6 billion.

For detailed information see our press release on the annual results 2024

Detailed key figures 2024-2023

	2024 EUR in billions	2023 EUR in billions
Promotional business volume	112.8	111.3

	2024 EUR in millions	2023 EUR in millions
Net interest income (before promotional expense)	2,900	2,738
Net commission income (before promotional expense)	675	606
Administrative expense (before promotional expense)	1,658	1,547
Operating result before valuation (before promotional expense)	1,917	1,797
Risk provisions for lending business	39	165
Net gains/losses from hedge accounting and other financial instruments at fair value through profit or loss	150	114
Net gains/losses from securities and investments and from investments accounted for using the equity method	19	33
Operating result after valuation (before promotional expense)	2,126	2,109
Net other operating income or loss (before promotional expense)	18	-14
Profit/loss from operating activities (before promotional expense)	2,145	2,095
Promotional expense	504	371
Taxes on income	239	165
Consolidated profit	1,402	1,559
Consolidated profit before IFRS effects	1,354	1,347
Cost/income ratio before promotional expense¹⁾	46.4%	46.3%

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. 2024 EUR in billions	31 Dec. 2023 EUR in billions
Total assets	545.4	560.7
Volume of lending	593.5	599.1
Volume of business	713.3	724.4
Equity	39.6	38.1
Equity ratio	7.3%	6.8%

	31 Dec. 2024 EUR in billions	31 Dec. 2023 EUR in billions
Risk position	126.2	131.4
Tier 1 capital	38.1	36.6
Regulatory capital	38.2	36.7
Tier 1 capital ratio	30.2%	27.9%
Total capital ratio	30.3%	27.9%

	2024	2023
Employees ¹⁾	8,493	8,073

Our impact in detail

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Financial markets

Legal notice:
The information contained in this online Annual Report 2024 is based on KfW’s Financial Report 2024, which you can download here. Should this online Annual Report 2024, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Financial Report, the KfW Financial Report 2024 takes priority.

Reporting 2024

Annual Report – development in financial year 2024

Changes of key figures 2024-2020 (tabular overview)

Detailed key figures 2024-2023

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

Further reports

Reporting 2024

Annual Report – development in financial year 2024

Changes of key figures 2024-2020 (tabular overview)

Detailed key figures 2024-2023

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

Further reports

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