European leasing company profits rose 15.1% to €648m from this time last year, according to Leaseurope’s market index for the second quarter.

Pre-tax profits were flat compared to the first quarter but operating income grew from €1,905m to €1,971m, up 2.7% compared to the second quarter of 2013.

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New business volumes were also up 8.8% year-on-year to €18,031m, above the €16,039m recorded in the first quarter of 2014.

At €888m and €392m both operating expenses and loan loss provisions were down year-on-year but were up compared to the €870m and €381m recorded in the previous quarter.

As a result the average profitability was 33.3%, above the 32.7% recorded in the first quarter of 2014, and the 29.2% recorded in the second quarter of 2013.

Cost of risk remained at 0.7% compared to the first quarter of 2014, down from 0.8% in the second quarter of 2013. Return on assets stayed at 1.2%, up compared to the 1.0% recorded in the second quarter of 2013.

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Bernard Muselet, director général adjoint of Credit Agricole Leasing & Factoring said; "The strength seen in profitability and cost/income ratios, particularly in light of the pressure on portfolios, is a real testament to the resourcefulness of the European leasing industry."

"New business volumes are also beginning to pick up again, amidst an increasingly stable recovery in most European countries. As domestic demand solidifies and investment by firms continues to recover, lessors can expect to continue benefitting from these improved market conditions."