Press Release

August 3, 2023

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

Braunschweig, 3 August 2023. Volkswagen Financial Services have successfully continued the current fiscal year and closed the first half of 2023 with an operating result of EUR 1.76 billion. Dr. Christian Dahlheim, Chairman of the Management Board of Volkswagen Financial AG, said: "We are observing the normalization of the financial services business in terms of earnings that was forecast at the beginning of the year. The operating result is the consequence of ongoing reducing special effects compared to the previous year." Frank Fiedler, Chief Financial Officer of Volkswagen Financial Services AG, also gave his assessment of the half-year result: "Our assumptions regarding the development of business are confirmed. We are therefore maintaining our earnings forecast for the current fiscal year." At 21.7 million units, the contract portfolio of Volkswagen Financial Services declined slightly, but remains stable at a high level. The number of new contracts exceeded the four-million mark with a figure of 4.05 million units.


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 %
Financing 5,419 5,782 -6.3
Leasing  4,799 4,749 +1.1
Services 5,651 5,259 +7.5
Insurance 5,855 6,193 -5.5
Total 21,724 21,985 -1.2
*rounded figures      
New contracts worldwide
(in thousands of units*)
January to June 2023
January to June 2022 Change in %
Financing 907 845 +7.3
Leasing 928 784 +18.4
Services 1,064 867 +22.7
Insurance 1,155 1,296 -10.9
Total 4,054 3,792 +6.9
*rounded figures      

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).

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