Despite tax and interest rises in Germany, operating earnings at
Deutsche Leasing Group rose 27 per cent last year, while growth in
its foreign businesses is expected to fuel profits in 2008.
Prudent credit management meant default volumes of €21.5m
were lower than expected in 2007, although, despite the creation of
149 new jobs, its assets under management rose by only €1.6bn to
reach €28.8bn.
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Leasing of moveable assets rose 21 per cent to €6.2bn and its
combined real estate and structured finance arm grew 38 per cent to
€1.6bn, fuelled partly by its majority acquisition in Deutsche PPP
Holdings GMBH, which operates publicsector construction projects.
New business grew 24 per cent to reach €7.8bn.
While domestic leasing of moveables is expected to be flat
year-on-year in 2008, new business for the year to March 31 2008 is
expected to grow by 11 per cent, driven largely by new foreign
business.
The group’s parent, Deutsche Sparkassen Leasing AG, reported net
profits for year end 2007 of €32.5m.
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