KfW Bankengruppe reports strong results

by Richard Kilner

Story link: KfW Bankengruppe reports strong results

KfW Bankengruppe has released its financial results for the first half of 2010.

The German bank made a consolidated profit of €980m, up from €478m in the same period last year, although Q2 profits did decline from the €575m achieved in the previous quarter.

The firm’s pre-valuation operating results declined slightly from the record high in H1 2009 (€1,244m) to €1,126m.

Net interest income was recorded at €1,348m, and the bank’s balance sheet increased by a hefty sum, up €52.2bn to €452.3bn.

Chief Executive Officer Dr. Ulrich Schröder welcomed the results, asserting that they showed the bank to be performing well and to be built upon a solid foundation.

However, Dr. Schröder did say that the strong performance could not be used to forecast the firm’s results in the second half of the year, as the consolidated profit was characterised by positive valuations and good interest income.