DLL’s portfolio grew 6.2% year-on-year to €32.2bn (£29.2bn) in the six months to June, with markets in Benelux reporting particularly strong performance.

Rabobank’s vendor finance division reported a 5% increase in total revenues, to €699m. A 4% drop to €491m in net interest income was offset by a 69% jump in income from fees, to €54m.

Pre-tax operating profits were up 12% to €279m, helped by the release of provisions in foreign markets.

Origination was down slightly year-on-year, which DLL attributed to the transfer of the leasing and consumer business in the Netherlands to parent Rabobank.

“For the leasing business on the new business margins are somewhat under pressure because of a more competitive environment,” said Bas Brouwers, chief financial officer of Rabobank. “However, their business is still in the range that we have for a sound business and therefore, we are happy with the growth that they write.”

Marc Dierckx, DLL chief financial officer added: “We continue to see downward pressure on pricing and margins, particularly within the North American market. However, this trend has been offset by our disciplined management of both operating expenses and risk costs.”

Diercx also pointed to a funding diversification effort within DLL, starting with the securitisation in May of €706m in agricultural leases in the US. He added the lessor was looking to “pursue further transaction” while still relying on Rabobank as its main source of funding.

Impairment charges totalled €35m, equal to 0.23% of total assets, versus 0.26% in the first half of last year. DLL said there were no “significant” default cases in the period.