Volkswagen Financial Services report good first half of 2023
- Business continues to normalize
- Contract portfolio stable at a high level of 21.7 million units (-1.2 percent)
- New contracts exceed four million units (+6.9 percent)
- Deposit volume of Volkswagen Bank grows by almost EUR 9 billion to over EUR 34 billion
- Operating result declines to EUR 1.76 billion (-41 percent)
- Outlook for 2023 confirmed
Deposit volume of Volkswagen Bank grows
The interest rate offensive launched by Volkswagen Bank at the beginning of the year continues to have the desired effect. Top interest rates have already generated almost EUR 9 billion in new deposits this year, bringing the deposit volume to a record level of more than EUR 34 billion. Around 200,000 new accounts were opened during this period. The deposit business of Volkswagen Bank continues to form an important part in the diversified refinancing – with increasing tendency.
Fleets in Germany and used cars worldwide positive
In the domestic market Germany, the fleet business in particular showed a welcome development: over 146,000 new fleet customer contracts were added compared to the prior-year period, which corresponds to an increase of more than 29 percent.
The worldwide used car business also performed well, recording an increase of almost seven percent with 453,000 new contracts, and the portfolio grew by just over one percent to 2.654 million units. Dr. Christian Dahlheim explained: "Our used car strategy continues to work very well. We market our used cars throughout Europe via our used car platform and in close coordination with our dealer partners and the Volkswagen Group brands."
The total assets of Volkswagen Financial Services have grown to around EUR 255 billion.
|Portfolio of current contracts worldwide
(in thousands of units*)
|30 June 2023||30 June 2022||Change in %|
|New contracts worldwide
(in thousands of units*)
|January to June 2023
||January to June 2022||Change in %|
Information for editors:
Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of the financial service business of the Scania brand and of Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management and mobility services. Volkswagen Financial Services have a total of 17,713 employees worldwide – including 7,692 alone in Germany. Volkswagen Financial Services report total assets of around EUR 240 billion, an operating profit of EUR 5.60 billion, and a portfolio of around 22.0 million current contracts (as at: 31.12.2022).
More information at www.vwfs.com
Contacts for press inquiries:
Stefan Voges (Head of External Communications)
Tel.: +49 (0)531 / 212-2621
Malte Krause (Press Officer)
Tel.: +49 (0)531 / 212-5574