Dutch lessor ABN AMRO Lease has reported
growth in new business of 20 percent to €970 million for the year
to 31 December 2010.
“It was a good year in terms of new business,”
Robert Peterson, director of strategy and innovation, said.
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“There was an addition to bad debt provision,
however, which went up five percent last year. That’s still a
concern for us, but we’ve got it under control.”
Peterson admitted that the company had seen a
difficult first half in 2010, but added that its performance in the
second half had helped to offset this. Revenue rose three percent
over the year to €124m, and margin was stable.
“All in all, we’re quite satisfied,” Peterson
said.
“The big project we had to work on was of
course the integration of ABN AMRO Bank and Fortis Bank. That was
important because Fortis customers will be new customers for our
group. There’s also potential for new leasing clients.”
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By GlobalDataHe added: “What we experienced in the second
half of 2010 was that there was more business coming from clients
from the bank.”
Bad debt provision for 2011 is expected to
decrease as clients begin to perform better.
Peterson said: “The number of clients coming
into the bad debt department is decreasing so that results in lower
provisions by the end of the year.”
Growth of six percent in new business is
expected for this year as clients’ investment remains
low, especially in the Netherlands.
“In the first quarter, we’re on budget in
terms of new business and profit. Revenue is a bit higher compared
to the first quarter of last year,” Peterson said.
“We’re on schedule for our plans for the year.
We’re quite confident about the integration between Fortis and ABN
AMRO as it’s now complete.
“There’s going to be increased attention from
the bank on leasing. They recognise that it’s a good product for
the bank and for clients.”
The company, formerly known as Amstel Lease,
took its parent bank’s name in October of last year.
claire.hack@vrlfinancialnews.com
