German state bank KfW accidentally transferred 7.6 billion euros: exec

FRANKFURT (Reuters) - German state bank Kfw accidentally transferred 7.6 billion euros ($8.2 billion) to four other banks but got the money back, incurring costs of 25,000 euros, executive board member Guenther Braeunig said on Wednesday.

The money was transferred in February due to a glitch in the bank’s information technology and was reminiscent of an incident in 2008 when KfW transferred 350 million euros to Lehman Brothers on the day of its bankruptcy, suffering heavy losses.

KfW is currently renewing its IT, a process which will be concluded by 2018.

Separately, the state development bank said it posted a flat net profit of 2 billion euros in 2016, while granting 81 billion euros in state money for student loans, energy-efficient refurbishment subsidies to start-up funding.

Reporting by Alexander Hübner; Writing by Arno Schuetze; Editing by Victoria Bryan