Own goals exceeded in infrastructure financing
Kommunalkredit Austria, which was privatized in 2015, was one of the first banks in the country to announce its preliminary 2020 annual results on Wednesday. The profits have grown. Despite adverse circumstances, the goals were significantly exceeded, says the board of directors. One focus is infrastructure and energy finance. The bank did not have to contend with bad loans in 2020 either. The share of non-performing loans has been constant at zero since 2015.
Notwithstanding a corona crisis-related decline in new transactions on the European infrastructure market, the Vienna Institute reported a new business volume of EUR 1.1 billion for the past year, an increase of 11 percent. After some significant increases in the interest result, according to preliminary data, the operating profit according to IFRS accounting was EUR 46.5 million, almost 40 percent more than in the previous year.
The net profit is provisionally shown at EUR 36.7 (previous year: 29.6) million. According to UGB / BWG accounting, the annual surplus after taxes increased by 3 million to 33.3 million euros.
The bank will publish the final figures on March 24th, when it will also provide an outlook for the current year. Kommunalkredit Austria is the “healthy” part of the old Kommunalkredit, which had to be split up at the end of 2008 after the emergency nationalization in the financial crisis. The dismantling part lies in the continued state KA Finanz.
