Braunschweig, 8 August 2022. Volkswagen Financial Services closed the first half of 2022 with an operating profit of EUR 2.98 billion, which marks a new earnings record. "This best-ever result demonstrates the great importance of automotive financial services in the Volkswagen Group. Also relevant for an assessment of the result is the fact that the first half of 2022 continued to be strongly impacted by special items," said Dr. Christian Dahlheim, CEO of Volkswagen Financial Services AG. Key factors driving the record result were the continued high revenues from the marketing of used cars and the low risk costs for credit and residual value risks. Frank Fiedler, CFO of Volkswagen Financial Services AG, noted: "As a result of our very positive business performance, we will significantly exceed the four billion euros originally targeted for the full year 2022. However, in view of the macroeconomic conditions and an expected normalization of our business due to the increasing availability of new vehicles, the result will be below the level of the previous year."
Owing to the limited availability of new vehicles up to now, the number of new contracts worldwide declined in the reporting period to around 3.8 million (-8.8 percent). The portfolio of current contracts decreased slightly by 1.2 percent to around 22 million contracts (previous year: 22.2 million).
In Germany, the largest single market for Volkswagen Financial Services, the number of new contracts fell to around 903 thousand during the first half of the year (-8.1 percent year-on-year). The contract portfolio declined by 2.9 percent to around 6.1 million units.
New contract acquisitions worldwide for service and insurance contracts at Volkswagen Financial Services developed positively. In this area, the number of new contracts rose to around 2.2 million (+4.4 percent) and the contract portfolio increased to a total of around 11.5 million units (+4.3 percent).
Total assets of the Volkswagen Financial Services business division amounted to around EUR 237.7 billion (+2.0 percent, previous year: EUR 233.0 billion).