While increasing total assets by 12 percent to €23.6 billion in
2008, ING Lease Holding saw pre-tax profit fall by 31 percent in
2008, to €161.3 million.
In its 2008 annual report, the lessor said that the year had
been marked by “a sharp fall” in financial results, marked by lower
prices for used vehicles and a higher need for loan loss
provisions.
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In its ‘general lease’ business line, the lessor saw total
assets grow by 11 percent to €17.9 billion.
Whilst its portfolios in south-western Europe and eastern Europe
grew by 14 percent and 24 percent respectively, the UK, Italy and
Germany remained the largest general lease markets, accounting for
45% of total production.
Thee general lease segment brought in €1.1 billion of revenue,
which translated into €142 million in pre-tax profit, a slight dip
from 2007’s €156 million contribution.
Net return on equity at the Dutch-owned lessor significantly
declined, however, from 18.1 percent in 2007 to 10.1 percent in
2008.
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