Preliminary FY 2020 results of Kommunalkredit Group: Continued growth despite challenging market environment
- EBIT increased by 40% – EUR 46.5m
- New business volume up by 11% despite COVID-19 – EUR 1.1bn
- Non-performing-loan-ratio remains unchanged since 2015 – 0,0%
- Cost-income-ratio – 56.7%
- Return on equity before tax– 15.4%
- CET 1 ratio – 20,0%
- Final close Fidelio KA Infrastructure Debt Fund – over EUR 350m
VIENNA, Jan. 27, 2021 /PRNewswire/ -- Kommunalkredit Austria AG (Kommunalkredit) announces its preliminary results for the year 2020. Despite the enormous economic impact of the current global health crisis, the bank was able to continue on its growth path. Even with the pandemic-related decline in new transactions on the European infrastructure market, a new business volume of EUR 1.1bn (+11%) was achieved. EBIT increased significantly again by 40% to EUR 46.5m compared to the previous year. The cost-income ratio was reduced to 56.7% in times of a still tense low interest rate environment and a return on equity before taxes of 15.4% was generated. The CET 1 ratio improved to 20.0%. The non-performing loan (NPL) ratio has remained constant at 0.0% since the bank's privatization in 2015.
The final close of the infrastructure fund (Fidelio KA Infrastructure Debt Fund Europe 1) took place in February 2020 and, at over EUR 350m, significantly exceeded the original target volume of EUR 150m. This platform enables Kommunalkredit to offer its business partners access to infrastructure and energy financing via an asset management solution.
Kommunalkredit CEO Bernd Fislage: "The year 2020 presented us and the entire global economy with many challenges. The global health crisis has had a strong impact on the infrastructure and energy markets. We have turned these challenges into opportunities and despite adverse conditions even exceeded our targets for this year – contrary to the general market environment. Our strategy with a focus on sustainable infrastructure and energy financing and our public finance expertise has once again proven to be a solid foundation."
The figures* have not yet been confirmed by the auditors. The full annual report, including other details on the past financial year and the outlook, will be published on 24 March 2021.
* All figures reported under IFRS.
Selected performance figures |
Austrian GAAP |
IFRS |
||||
2018 |
2019 |
2020 |
2018 |
2019 |
2020 |
|
Net interest income |
37.7 |
45.6 |
55.3 |
49.2 |
58.6 |
76.1 |
EBIT* |
21.8 |
27.0 |
29.8 |
23.9 |
33.2 |
46.5 |
Profit on ordinary activities/profit for the year before tax |
29.7 |
28.7 |
32.1 |
32.6 |
27.3 |
48.3 |
Profit for the year after tax |
30.4 |
30.3 |
33.3 |
14.3 |
29.6 |
36.7 |
Cost-income ratio |
67.0% |
63.2% |
62.6% |
70.2% |
63.3% |
56.7% |
Return on equity before tax |
12.8% |
10.8% |
10.2% |
14.0% |
10.3% |
15.4% |
CET 1-Ratio |
19.9% |
18.7% |
20.0% |
n.a. |
n.a. |
n.a. |
* Local GAAP operating result supplemented by operating sales result from infrastructure/energy financing and change in provisions Section 57 (1) BWG and adjusted for restructuring expenses (2018). IFRS profit before tax adjusted for credit risk and valuation result and restructuring expenses (2018).
About Kommunalkredit:
Kommunalkredit is a specialist for infrastructure and energy financing. Together with its customers as partners, the bank creates values that continuously improve people's lives. In doing so, it facilitates the construction and operation of infrastructure facilities by balancing the financing needs of project sponsors and developers with the growing number of investors looking for sustainable investment opportunities. Main investment segments are Energy & Environment I Communications & Digitalisation I Transportation I Social Infrastructure I Natural Resources.
Further information:
Kommunalkredit Austria AG
Corporate Communications
Phone: +43 1 31631-593 or +43 1 31631-153
mail to: communication@kommunalkredit.at
www.kommunalkredit.at
Share this article