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Operating profit at Volkswagen (VW) Financial Services may
exceed 2 billion euros ($2.1 billion) for the first time, after
the division previously indicated it expected earnings to match
last year's 1.92 billion, Lars Henner Santelmann, head of the
unit, said.
"Even in the challenging business year 2016 we have been able to
continue our successful growth course of past years," Santelmann
told reporters late on Thursday in remarks embargoed to Friday
morning.
He cited cost cuts, recovering demand in southern Europe and
lower-than-expected refinancing costs.
"We have sold more diesel vehicles in Germany this year than a
year earlier and at a higher price than a year ago," Santelmann
said.
Braunschweig-based VW Financial Services handles dealer and
customer financing and the German group's banking and leasing
business. Its operations exclude the Scania and Porsche brands
and the Porsche Holding Salzburg distributor.
The finance arm of Europe's largest automaker has increased its
portfolio of new contracts 10 percent to 7.44 million contracts
from 6.76 million in 2015.
(Reporting by Andreas Cremer; Editing by David Holmes)
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