The total value of new leasing agreements concluded on the Estonian leasing market during 2015 grew by 9% year over year to €942m, according to Latvian news reports.

Latvian news agency LETA reported the Estonian Leasing Association, Liisingühingute Liit, as saying the total Estonian market size expanded by 7% to €2.12bn in 2015.

The biggest increases were registered in leases of commercial vehicles and machinery and equipment, which grew by 25% and 19%, respectively.

Leases of cars, the most common asset acquired by leasing, were down by 4% year on year but accounted for 46% of all assets acquired by leasing.

The total value of the lease portfolio of members of the association was €2.1bn, 7% bigger than a year ago. Liisingühingute Liit said the quality of the lease portfolio of the members of the association had kept improving and lease payments overdue by more than 60 days accounted for 0.4% of the total portfolio.

The total factoring portfolio grew by 22% year over year to €304m. Financing of invoices of the commercial and manufacturing sectors grew also by 22% to €2.51bn, surpassing the volume seen before the crisis of the late 2000s.

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The Estonian Leasing Association has nine members who account for an estimated 98% of the leasing market.

Leasing Life contacted Liisingühingute Liit for comment but had no reply at the time of going to press.