De Lage Landen (DLL) posted a net profit of €101m in the first half of 2010, more than 50% up compared to last year’s €47m.
DLL’s car lease business performed better than expected, due to order volume picking up and improved conditions in the used car market.
Overall, credit portfolio grew to €25.6bn, a 6% increase since end of 2009, and despite a “challenging Dutch home market”.
Vendor finance business was “satisfying” even though recovery has not been consistent across units and regions, the Dutch lessor said.
It added that corporate leasing business performed well, with a positive outlook for the next months, although SME customers have been hit harder and have considerably reduced investments.
The lessor’s CEO Ronald Slaats warned that recovery would still be slow. “We do see some economic stabilization in various parts of the world, but the recovery is still quite fragile. Consistent risk management and cost consciousness remains key.”