KfW IPEX-Bank’s figures for the 2014 financial year, show that the financier providing support to German and European exporters, generated new commitments totalling €15.4 billion in its original lending business in 2014 (2013: €13.7 billion). In addition, there were new commitments of around €1.3 billion for bank refinancing within the CIRR ship financing scheme, a mandated business managed on behalf of the German Federal Government.
"The high volume of new commitments was far greater than we expected. It testifies to the robustness and strength of our business model," said Klaus R. Michalak, CEO of KfW IPEX-Bank. "In all our sector departments we systematically took advantage of the market opportunities that presented themselves during the year. We provided our structuring expertise in syndicated financing not only to our customers but also to other banks, and assumed a range of banking roles within various club deals."
The operating result of KfW's Export and Project Finance business sector, for which KfW IPEX-Bank is responsible, was €619 million, similar to the previous year's figure (2013: €634 million). It mainly comprises net interest income and net commission income, less administrative expense. Lower risk provisions were required during the reporting year due to the positive trend of risk exposures, meaning that the result from ordinary operating activities rose to €602 million (2013: €458 million). The Export and Project Finance business sector contributed €541 million to KfW's consolidated earnings in 2014 (2013: €437 million), above average compared with previous years. This reaffirms the business sector's status as one of the KfW Group's main sources of revenue. "Despite challenging economic and market conditions, the business sector again made an active contribution to securing KfW's long-term promotional capability," added Michalak.
KfW IPEX-Bank GmbH is a legally independent and separate reporting entity which performs all export and project finance market transactions. It reported a net income for the year of €139 million. The volume of lending in the Export and Project Finance business sector was €64.3 billion as at 31 December 2014 (previous year: €59.9 billion).
In the current year, KfW IPEX-Bank aims to continue strengthening its position as a leading specialist financier and reliable partner for key industries vital to the German and European economies. The Export and Project Finance business sector plans further moderate organic growth during 2015. The 2015 target for new commitments is €14.2 billion (2014 target: €13.2 billion). The management sees potential in international syndicated business.