Siemens Financial Services (SFS) posted
a profit before income tax of €97m in the first quarter of 2010,
down from €117m reported in the same period of 2009.

In the first half of the fiscal year,
however, SFS reported a rise in profits compared to the first half
of 2009, from €183m to €197m.

The first six months of the fiscal year
were marked by higher results in commercial finance, including
lower loss reserves. This was partly offset by lower income from
SFS’ internal services and equity business. Total assets rose
slightly, to €11.96bn, and SFS’ profit margin in the second quarter
of 2010 stands at 26.4%.

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