Volkswagen Financial Services (VWFS) lifted
its first half operating profit by 53% year-on-year to €553m as
parent group Volkswagen more than doubled its profit.
The German car manufacturer’s first half
results show the finance and leasing arm contributed to strong
growth over the period.
VWFS signed 1.1 million new finance, leasing
and insurance contracts in Europe, a 20% increase on the previous
year, and 1.5 million worldwide from 1 January to 30 June
Finance and leasing contracts represented 68%
of the division’s total business at 5.4 million contracts globally
and leased or financed vehicles represented 35% of group deliveries
The results show sales revenue from VWFS was
up 24% to €8.4bn for the first six months to the end of June and
the division’s total assets grew 8.4% from €87.9bn to €95.2bn.
Volkswagen Group recorded an operating profit
of €6.1bn compared with €2.8bn for the first half of 2010.
Prof. Dr. Martin Winterkorn, chairman of the
Board of Management of Volkswagen said the business is confident
for the remaining six months of 2011.
He said: “Volkswagen is robust enough to
remain in the fast lane. Our expertise in technology and design
allows us to provide a diverse, attractive and environmentally
friendly range of products to meet our customers’ desires and