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.
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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 GlobalDataIn 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."
