KfW records good first quarter

by Richard Kilner

Story link: KfW records good first quarter

KfW Bankengruppe has reported a good start to the first quarter of 2009.

The German bank recorded a consolidated profit of €80m in the first three months of the year, marking a return to profitability after two years of losses.

The pre-valuation operating result was €660m, compared to the corresponding 2008 which stood at €359m.

Chairman of the Managing Board Dr Ulrich Schröder has described the result as outstanding, and proof of the bank’s functioning business model.

Dr Schröder became chief executive officer of the bank in September of last year, succeeding Wolfgang Kroh who became Speaker of the Board of Managing Directors.

The negative impact of the economic decline and financial sector crisis have become less severe than they were last year, assisting KfW.