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Volkswagen Financial Services said 2017 profit would exceed a
record 2.1 billion euros ($2.47 billion) in 2016.
The bank also said provisional figures indicate the number of
contracts in its portfolio rose 8 percent to 19.7 million in
2017, up from 18.2 million in 2016. Those contracts are for
customer financing, leasing, maintenance and inspection. The
2017 figure includes for the first time about 250,000 contracts
for Porsche. The previous year was not adjusted.
Chief Financial Officer Frank Fiedler said that lower
refinancing costs and the portfolio growth attributed to the
profit gain.
A study from the consultancy Bain & Company on Tuesday said that
automobile banks were among Germany's most profitable financial
institutions because of their narrow focus and captive
clientele.
New car registrations in Germany, Europe's largest auto market,
will grow to one of their highest-ever levels this year, fueled
by a strong economy and sales incentives for cleaner diesel
models, the country's main auto lobby said earlier in December.
[nL8N1O62SY]
(Reporting by Tom Sims in Frankfurt and Jan C. Schwartz in
Hanover; Editing by Ludwig Burger)
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