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.
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.
He 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.”