Siemens Financial Services has reported strong results in its
third quarter compared to the same period last year, although these
were down compared to the second quarter this year.
Whilst year-on-year, pre-tax profit in the third quarter grew
some 47 percent to reach €87 million; compared to its second
quarter results, when it reported €117 million in profit, the last
quarter was 26 percent down.
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At 29.3 percent, return on equity still remained well above its
20-23 percent target in Q3; but here too there was a sharp decrease
on Q2, where the lessor reported ROE of 39.8 percent.
The lessor’s total portfolio of assets was €11.4 billion at the
end of the last quarter, up 1 percent year-on-year, but down on the
€11.9 billion it reported for its second quarter.
“The commercial finance business continued to generate higher
interest results that offset an increase in loss reserves and
write-offs,” Siemens said.
“Overall profitability benefited from lower operating expenses
and from positive effects in the equity business and internal
services business.”
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By GlobalDataJason T Hesse
