Frankfurt am Main – November 04, 2026 -- KfW Bankengruppe lifted new commitments in its core promotional business by €26.5 billion, or about 43%, to a record €87.9 billion in the first nine months of 2026, against €61.4 billion a year earlier. All business segments contributed to the increase.
Group profit reached €1,399 million, more than double the €647 million of January-September 2025. The economic result, defined as group profit before IFRS effects, promotional expense and taxes, rose to €2,032 million from €1,364 million.
Domestic promotion climbs 39% to €57.0 billion on building and SME demand
Domestic commitments totaled €57.0 billion, up from €40.9 billion. Demand spanned the full range of building-efficiency products, including heating support, while SME customers sought climate, environmental, digitalization and innovation financing. KfW Capital committed €631 million to fund investments, up 72% from €366 million.
Export and project finance new business reached €24.8 billion versus €16.0 billion, driven mainly by large-volume deals. KfW Development Bank committed €5.0 billion (prior year: €3.7 billion), mostly from KfW's own funds and intended to advance Germany's geopolitical interests. DEG committed €1.9 billion, more than double the €0.9 billion of the prior-year period.
Private customers nearly double energy-efficiency commitments to €20.3 billion
The Mittelstandsbank and Private Customers segment posted €48.5 billion in commitments, 47% above the prior-year €32.9 billion. Private customer commitments rose to €25.6 billion from €16.8 billion.
Energy efficiency and renewables financing for households reached €20.3 billion, versus €11.0 billion. The "Klimafreundlicher Neubau" program accounted for €8.2 billion (prior year: €2.6 billion), supported by the continued Energy Efficiency Standard 55 funding launched in late December 2025. Federal funding for efficient buildings, including heating, added €10.7 billion versus €8.1 billion.
Two private-customer lines declined slightly. Housing and living commitments fell to €4.2 billion from €4.6 billion, and education slipped to roughly €1.1 billion from €1.2 billion.
SME climate lending jumps to €14.9 billion on onshore wind financing
The Mittelstandsbank committed €22.9 billion in promotional loans, up from €16.2 billion. Climate and environment lending reached €14.9 billion, almost €6 billion above the prior-year €9.1 billion. The "Erneuerbare Energien - Standard" program drove the gain at €10.0 billion (prior year: €6.7 billion), helped by a positive market environment for onshore wind. The "Klimaschutzoffensive für Unternehmen" program rose to €2.4 billion from €0.4 billion.
Start-up and corporate investment financing grew moderately to €5.6 billion from €5.0 billion. Digitalization and innovation financing reached €2.4 billion versus €2.0 billion, with momentum concentrated in the third quarter. The Individual Financing and Public Customers segment committed about €7.8 billion, against €7.6 billion.
Net interest income rises 10% to €2,371 million as costs stay flat
The operating result, before valuation effects and promotional expense, rose to €1,653 million from €1,456 million. Net interest income before promotional expense increased about 10% to €2,371 million. Net commission income reached €513 million (prior year: €498 million). Administrative expense held at €1,230 million versus €1,217 million.
Credit risk provisioning came to minus €69 million versus minus €130 million, mainly from general allowances in export and project finance, partly offset by recoveries on written-off student loans. The equity portfolio valuation result doubled to €382 million from €189 million. KfW Capital contributed €212 million, DEG €104 million and KfW Development Bank €47 million. Foreign-currency valuation swung to plus €30 million from minus €170 million.
Domestic promotional expense, KfW's own funds used to improve lending terms, rose slightly to €332 million from €325 million. That expanded the volume of financing subsidized with own funds by about 17% to €17.9 billion. Income tax expense was €154 million versus €116 million.
Capital ratios ease to 27.5% as balance sheet grows to €546.0 billion
Total assets stood at €546.0 billion, €5.3 billion above the end-2025 level of €540.7 billion, mainly because of higher net lending volume. The total capital ratio and the CET1 ratio were both 27.5%, down from 28.1% on June 30, 2026, because new business raised total risk exposure.
CEO Stefan Wintels said the figures show rising investment in Germany and that KfW plans to use new instruments such as the Deutschlandfonds to mobilize private capital. He added that the roughly €2 billion economic result strengthens KfW's capacity to offer better lending terms to companies, municipalities and households.