Nordea bank has released figures showing
investment in finance leases rose during 2010, while the total
carrying value of operating leases declined.
Gross investment in finance leases at Nordea
Finance rose by 8.24 percent to €6.95 billion for 2010, compared to
€6.42 billion in 2009. Net investment in finance leases (gross
investments less unearned finance income) rose by 8.46 percent to
€6.5 billion, against €6 billion in 2009.
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The present value of future minimum finance
lease payments receivable rose 8.62 percent to €6.44 billion,
compared to €5.93 billion in 2009. The majority of gross investment
(59 percent) and net investment (61 percent) in finance leases will
mature over the next three years.
Meanwhile, the carrying amount of equipment
related to operating leases decreased by 13.7 percent to €82
million, down from €95 million in 2009. For operating leases, the
future minimum payments receivable totalled €37 million, of which
92 percent, or €23 million, mature in the next three years.
Nordea Finance provides asset based financing
as leasing, hire purchase and factoring, and offers sales to
finance partners such as dealers, vendors and retailers. It is part
of Nordea’s banking products division, also including account
products and transaction products.
Banking products is the largest of Nordea’s
five divisions, contributing operating income of €5.16 billion, or
55 percent, of the group total.
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