Siemens Financial Services saw profit fall by 31 percent
year-on-year in the three months to September 30.
The result, a fall from €49 million to €34 million, was
attributed to an increase in loss reserves “in part related to a
commercial finance portfolio in Europe to be liquidated”.
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The German lessor, which was reporting its fourth quarter
results, also saw return on equity nearly halve, falling by over 10
percentage points, to 11.3 percent.
Total assets rose slightly, however, by 3 percent to reach €11.7
billion.
More details will appear in the January issue of
Leasing Life.
Jason T Hesse
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