The leasing and financing arm of Volkswagen
recorded a 21.6% increase in net profit in 2011, reaching €978m
compared to €804m the previous year.
Sales revenue at Volkswagen Financial Services
(VWFS), which offers consumer finance, insurance and banks deposits
as well as fleet leasing finance, increased 22.5% to €17.8bn for
the year.
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The group reported 3.1 million new finance,
leasing and insurance contracts were signed in 2011, a 16.2%
increase on 2010.
The number of customer finance and leasing
contracts totalled 5.6 million as of 31 December 2011, a 6.1%
increase on the 2010 total including 99,000 new lease contracts.
The VWFS lease receivables book for the end of the year stood at
€14.4bn.
A Volkswagen Group statement described VWFS as
a key success driver for the group and said the increase in profit
was due to volume growth and a positive trend in risk
provision.
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