Italian leasing company Banca
Agrileasing has reported decreased growth rates for the first half
of 2008, although it described the results as part of a “cautious
policy” to deal with the current financial turmoil.
 
Profits before tax were €16.5 million, a 39 per cent drop compared
to the figure for the end of 2007’s first half.

Despite this, Agrileasing – one of the top ten leasing companies
in Italy and the leasing arm of Credito Cooperativo Banks – said
that it had achieved a “satisfying performance”, and had already
obtained over €1 billion in new business.

Some 80 percent of this figure comprises contracts signed with
businesses which were already clients of the Credito Cooperativo,
however.
 
The“cautious policy” invoked to explain the drop in profits was
said to be aimed at reducing risk in all company transactions,
involving boat, motor and equipment leases, as well as so-called
“ethical leases”
 
The bank said that it had not been affected by the “recent defaults
of some financial institutions”, and that it had confirmed its
reliability by obtaining an “A” by ratings agency Standard and
Poor’s, as well as by Fitch Rating.