Daimler Financial Services has claimed to have
turned a corner this year, reversing its slow performance in
2009.

Earnings before interest and tax are expected
to reach €900m for the year to 31 December 2010. Daimler’s finance
and insurance arm achieved profit of just better than breakeven at
€9m in 2009, due to increased expenses related to higher credit
risk.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Klaus Entenmann, Daimler Financial Services
(DFS) chairman, said: “We have emerged from the financial and
economic crisis stronger than before, and we are benefiting from
the decrease in risk-related costs and favourable interest margins.
We are also on a growth path with our new business and contract
volume.”

New leasing and sales finance business rose by
16 percent to €21.3bn for the nine months to 31 September 2010.
Contract volume was up by 4 percent to €61.1bn.

DFS has indentified Asian markets,
particularly in China and India, as targets for growth next year.
Entenmann said: “We expect to see continued rapid growth in China,
and we also appreciate the fact that Chinese customers are very
reliable when it comes to making payments.”In China, the contract
volume rose by 93 percent to €916m in the first nine months of
2010.

DFS will launch next year an Indian subsidiary
offering financing, insurance and fleet management for
Mercedes-Benz cars. In 2012, it will start offering the same
services for commercial vehicles.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The latest announcement comes on the back of a
restructuring process to improve coordination of DFS’ operations in
40 countries worldwide, with headquarters moving from Berlin to
Stuttgart – in the same building as Mercedes-Benz Bank – and
consolidation of Mercedes-Benz Bank activities from nine current
locations to three in 2012.

Antonio
Fabrizio