Germany’s development bank posts strong profit after corona crisis

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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 perfor…

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