Siemens Financial Services (SFS) has reported
a decrease in profits for the first quarter of 2010 of €20 million
compared to the first quarter of 2009.

Q1 2010 saw profits of €97 million before
income tax, compared to €117 million in the same period of 2009,
according to Siemens’ interim report for the second quarter and
first half of fiscal 2010.

The figure in this year includes higher
results  in  the company’s  commercial 
finance  business, while 2009’s results included higher income
from SFS’ internal services and equity businesses.

In the first half of the fiscal year, however,
SFS reported a rise in profits compared to the first half of 2009,
from €183 million to €197 million.

The first six months of the year were marked
by higher results in commercial finance, including lower loss
reserves.

This was partly offset by lower income from
SFS’ internal services and equity business.

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By GlobalData

Total assets rose slightly, to €11.96 billion,
and SFS’ profit margin in Q2 2010 stands at 26.4 percent.

Claire Hack