De Lage Landen has reported first half net
profit up 52% from last year, taking revenue beyond pre-crisis
levels.
The Netherlands-based asset finance company, a
subsidiary of Rabobank, made €154m in the six months to 30 June
2011 compared with €101m for the same period last year.
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Net profit for the same period in 2007 and
2008 was €109m and €112m, respectively.
Ronald Slaats, chief executive of De Lage
Landen, said “With a first half year like this, I am bullish on our
near future.”
The report also revealed a 1% increase in the
company’s credit portfolio to €25.9bn.
Slaats said De Lage Landen had worked hard
over the last year to increase the quality of its portfolio through
a focus on risk management and said that strategy had started to
pay off.
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By GlobalDataHe said additional factors such as higher
interest income and higher residual value gains on leased cars and
other lease products, which fuelled a 13% increase in De Lage
Landen’s non-interest income to €239m, helped the company to a
successful six months.
Despite the positives, looking ahead Slaats
remained cautious.
He said: “We do not know yet what the impact
will be of the recent uncertainties in the economic environment and
financial markets in many geographical areas. So we are prudent in
our prognosis.”
grant.collinson@vrlfinancialnews.com
