Dutch lessor ABN AMRO Lease has
reported growth in new business of 20% to €970m for the year to 31
December 2010.
“It was a good year in terms of new
business,” said Robert Peterson, director of strategy and
innovation.
Go deeper with GlobalData
“There was an addition to bad debt
provision, however, which went up five percent last year. That is
still a concern for us, but we have got it under control.”
Peterson admitted the company had
seen a difficult first half in 2010, but added that its performance
in the second half had helped to offset this.
“All in all, we are quite
satisfied,” he said.
Revenue rose three percent to
€124m, and margin was stable.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“The big project we had to work on
was of course the integration of ABN AMRO Bank and Fortis Bank,”
Peterson said.
“That was important because Fortis
customers will be new customers for our group. There’s also
potential for new leasing clients. What we experienced in the
second half of 2010 was that there was more business coming from
clients from the bank,” he added.
Bad debt provision for 2011 is
expected to decrease as clients begin to perform better.
Peterson said: “The number of
clients coming into the bad debt department is decreasing so that
results in lower provisions by the end of the year.”
Growth of six percent in new
business is expected for 2011 as clients’ investment remains low,
especially in the Netherlands.
“In the first quarter, we are on
budget in terms of new business and profit. Revenue is a bit higher
compared to the first quarter of last year,” Peterson said.
“We are on schedule for our plans
for the year. We are quite confident about the integration between
Fortis and ABN AMRO as it is now complete.
“There’s going to be increased
attention from the bank on leasing. They recognise that it is a
good product for the bank and for clients.”
The company, formerly known as Amstel Lease, took its parent
bank’s name in October of last year.
