Daimler Financial Services
The German-owned captive posted
second-quarter earnings before income tax (EBIT) of €79 million
(£68 million), significantly lower than the €183 million in the
same period last year.
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“The decline in earning was primarily
due to higher expenses for credit risks as well as lower
interest-rate margins,” the financier said.
Contract volumes amounted to €60.3
billion (£51.7 billion) at the end of the second quarter, which,
although 5 percent lower than at the end of 2008, was at a similar
level to the same period last year. Year-on-year, however, new
business fell by €6.5 billion, 16 percent lower than last year.
“We anticipate rising credit defaults
and continued high refinancing expenses in full-year 2009,” the
company said, adding that it was trying to compensate for the
increased costs through efficiency programmes.
BMW Financial Services
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By GlobalDataAt competitor BMW Financial
Services, revenues increased to €4.2 billion, a 9 percent rise on
the previous year’s second-quarter revenues of €3.9 billion, while
EBIT also rose by an impressive 92 percent to €75 million, up from
€39 million in the same year-ago period. The number of new retail
contracts was down, however, by 20 percent to 259,166, which the
company attributed to the economic situation.
BMW FS’s fleet business remained
stable, though, with the group’s fleet management entities managing
a portfolio of 319,414 contracts worldwide, 5.6 percent up on the
same period last year.
Volkswagen Financial
Services
Volkswagen Financial Services had
a more difficult first half, however, seeing pre-tax profit fall by
46 percent to €297 million.
The lessor saw its total assets grow
by 5.5 percent, however, to €60.4 billion, between January and June
2009. Net income from lending, leasing and insurance transactions
was lower, at €773 million. The number of new contracts reached a
new record high for the business unit of 525,000 – a 17.4 percent
growth on the first six months of 2008.
“The first six months of 2009 were
positive overall, although continuing fierce competition and the
continuing pressure on margins as well as the economic environment
did have an effect on earnings,” the captive commented.
Banque PSA Finance
In France, Banque PSA Finance
maintained robust performance in the first half of the year, with
“resilient” banking revenues and an increase in market share to
27.8 percent, up from 25.5 percent a year earlier.
Revenues fell below the €1 billion
mark, however, to €915 million in the first six months of 2009 – a
year-on-year decline of 14 percent.
Meanwhile, recurring operating income
fell by 7 percent to €244 million, resulting in recurring operating
margin falling from 29.1 percent in the first half of 2008 to 26.7
percent in the first six months of this year.
The French lessor saw its cost of risk
rise by €23 million to total €59 million at the end of June, and
although this was a significant increase from the 0.42 percent of
average net loans at the end of 2008, at 0.53 percent it is still a
largely satisfactory level, Banque PSA said.
