Volkswagen Financial Services (VWFS) saw return on equity drop while both operating profit and contribution to Volkswagen Group’s overall profit grew, according to the Group’s results for 2012.

Worldwide, return on equity for the Financial Services Division of the Group was 13.1% for 2012, down from 14.0% in 2011.

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Operating profit at VWFS was €1.4bn, up 16.7% on 2011, with 3.8 million finance, leasing and service / insurance contracts added to the portfolio in 2012.

Proportion of group

Globally, the proportion of the Group’s consolidated operating profit coming from VWFS stood at 9.21% for 2012, up from 8.63% the year before.

The consolidated operating profit for the group was €11.5bn, up 2% year-on-year, plus €3.7bn operating profit, up 42.3%, from joint ventures held in China, including Volkswagen Finance China.

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As previously reported, sales revenue for the Group was €192.7bn, up 20.97% year-on-year, with profit before tax up 34.7% to €25.5bn and profit after tax up 38.5% to €21.9bn.

Compared to figures for the first half of 2012, VWFS and Group figures appear to be consistent across the year aside from pre- and post-tax profit which rose in the second six months.

richard.brown@timetric.com