German leasing group Deutsche Leasing has reported a €60.4m profit for its 2013 financial year, up 3.4% on the previous period.

The company, the leasing arm of Germany’s savings bank group, reported a 7.7% increase in new business volume to €7.8bn for the year to 30 September 2013.

As much as 78%, or €6.1bn, of the firm’s new business was generated in Germany although business for its international business line, which operates in 22 additional countries, was up 10% year-on-year.

Half of the company’s business (€3.9bn) was attributed to machinery and equipment finance, up 6% on 2012, while vehicle finance, which accounted for quarter of new business volumes, was up 10% to €1.9bn.

The most significant growth was in the office and communication equipment sector, which grew 22% year-on-year to €752m, which Deutsche Leasing attributed to a large number of "major" transactions in the hardware segment as well as an increase in software projects and vendor partnerships.

The total value of receivables as of 30 September was €14bn and the company’s economic result, which it describes as "a recognised ratio summarising period net income" and is calculated from profit and net asset value, was €139m, down slightly from €143m reported for 2012.

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By GlobalData

In a statement, the Deutsche Leasing board of management said it had exceeded its income target for the year and had used the funds to realise a large volume of future investments as well as "substantially reinforcing" its equity.

The board added: "We have consolidated our leading market position in Germany and have further established ourselves as a leading leasing provider in Europe."