Daimler Financial Services expects record operating profit this year

Daimler estimates that its financial services business will grow profitably in 2013 after the company forecast a record €1.3 billion in operating profit for 2012.

In the first ten months of the year, Daimler Financial Services posted all-time highs for new business and contract volume, and its operating profit (EBIT) rose above €1 billion for the first time in the first three quarters, surpassing last year’s all-time high.

“We are on course to set a new record, and we want to achieve strong growth even when the overall economy is weak,” said Daimler Financial Services chairman Klaus Entenmann. He added that Daimler’s financial arm plans to continue to grow profitably in the coming years. „Until the end of the decade, we want to nearly double our worldwide contract volume compared to 2011“, said Entenmann.

In order to do that, DFS will expand in Asia, with the company becoming the first premium automobile manufacturer to offer leasing products in China as of August this year.

On average, Daimler Financial Services finances or leases four out of ten Daimler vehicles worldwide. During the first ten months of the year, the company’s new business (meaning the value of all of the leasing and financing contracts concluded so far in 2012) rose to the record value of €30.9 billion (+15 percent).