Latest results of major bank-owned lessors

SG Equipment Finance saw new financing drop by 5.8 percent year-on-year to 2 billion during the first quarter of this year BNP Paribas Lease Group suffered pre-tax losses of 16 million during the first quarter, a drop of 82 percent year-on-year, while revenues declined by 25 percent to 212 million.

By Fred Crawley

SG Equipment Finance saw new
financing drop by 5.8 percent year-on-year to €2 billion during the
first quarter of this year. This was largely driven by declines in
business in Germany, Italy and Norway.

BNP Paribas Lease Group suffered
pre-tax losses of €16 million during the first quarter, a drop of
82 percent year-on-year, while revenues declined by 25 percent to
€212 million.

Italy’s number one lessor,
UniCredit Leasing, saw a 40 percent decline in new
business across all of its European operations during the first
five months of this year.

ING’s leasing and
factoring business saw income fall during the first quarter by 15.6
percent year-on-year, from €106 million to €92 million.
Additionally, Q1 saw loan loss provision up to €24 million from €5
million the year before, contributing to a 63 percent fall in
profit before tax, which totalled €15 million.

According to ING’s quarterly group
statement, the decline was partly due to reduced income from
ING Car Lease, which had seen improved residuals
in the UK and Netherlands compared to the fourth quarter of 2008,
and also as a result of a deteriorating situation in Southern
Europe.