Germany’s state-owned KfW development bank posted profits of 1.929 billion euros (2.235 billion dollars) for the first nine months of 2021, marking a sharp turnaround from the 145 million euros posted last year.
The bank’s positive performance in the first half had continued into the third quarter, newly appointed chief executive Stefan Winkels said.
The bank’s figures were hit during 2020, the year of the pandemic, by discounts on its stake-holdings and higher provisions for high-risk loans.
Wuest described the latest figures as “exceptional.” All operating units had contributed to the performance, he said.
The level of stimulus provided by the bank, which is 80-per-cent owned by the federal government and 20-per-cent owned by the 16 states, has been reduced to 73.1 billion euros, down from 109.1 billion euros during the pandemic.
Stimulus programmes have risen since 2019, the year before the pandemic, with strong demand coming from the construction sector for increasing energy efficiency.