credemleasing closed the first half of the year with a Net income of 13,6 million euros, an increase of 38,6% compared to the 9,8 million recorded in the same period last year.
The increase of uses (+6,5% year on year) and the positive trend of net commissions (+26,5%, to 2,9 million) lead the intermediation margin to 24,2 million, an improvement of 7% compared to 30 June 2018.
Furthermore, according to a note, in the first six months of 2019 the company maintained the level of operating efficiency of 2018, consolidating the cost income to 33%, in line with the 32,4% at the end of 2018.
La profitability consequent is represented by an annualized ROE index higher than 13%.
I non-performing loans gross accounts for 4,46% of the company's total loans, still down on the figure at the end of 2018 (4,84%) and the degree of coverage of non-performing loans settles at 33,8%.
The total value of the financed investments (+21,2%) and the number of new contracts entered into (+14,7%). The securities sector is characterized by a strong composition in capital goods with volumes increasing by over 22% compared to the previous year; motor vehicles recorded an increase, compared to June 2018, of 13% in the number of new contracts and 10,3% in the value financed; the nautical product also recorded an increase both in number (4,3%) and in volumes (+18,7%).
“We are closing a record half-year despite the recessionary context of the leasing market”, he comments Maurice Giglioli, Chief Executive Officer of Credemleasing. "Lean investments in the continuous improvement of processes, the digitization process and the start-up of the first services aimed at the mobility ecosystem are meeting with the appreciation of customers, but the quality of our people remains the strong point of our company, confirmed by the further improvement in the customer satisfaction index. The company's profit benefits from the positive trend in write-backs on non-performing loans and the further improvement in the quality of the performing portfolio, which had an impact on collective write-downs, bringing the cost of credit into positive territory”.
