Fleet and vehicle management company LeasePlan reported 241.3m net profit in 2012, 7.4% up on the previous year.
Total assets increased year-on-year from 18.9bn to 19.5bn while return on equity decreased slightly from 10.9% to 10.6% over the same period and the number of vehicles remained stable at just over 1.3m.
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In its annual report LeasePlan cited a "diversified" funding strategy, including a successful securitisation programme which created an "important US funding route", as contributing to the firm’s strong performance.
The company also reported 4.8bn in total new funding in 2012, plus 4bn in year-end deposits in LeasePlan Bank, representing a 1.2bn increase on 2011.
Liquidity at the company was strong with 1.8bn in cash bolstering revolving credit facilities at 13 major banks and another credit facility with major shareholder Volkswagen Group.
The company said its core business components of management fees, damage risk retention and lease services, were the "strongest contributors to profit" but added results had also been positively influenced by a turnaround in the sale of vehicles.
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By GlobalDataVahid Daemi, chief executive of LeasePlan, said: "As we celebrate our 50th anniversary we are proud to be able to report such strong results. Against a backdrop of challenging economic and market conditions, LeasePlan management and employees maintained their focus on our clients while continuing to deliver strong performance both financially and in terms of our strategic priorities."
