Financing
akf: Positive development in new business in the banking and leasing sector
In the 2017 financial year, akf bank and akf group recorded positive developments across all divisions - new business once again reached record levels.
In 2017, new business in the banking and leasing sector once again increased significantly and now stands at EUR 1,249 million - an increase of 6.9% compared to the previous year. The particularly important vehicle business performed well despite the current subdued market situation. With an increase of 23 million euros, it continues to occupy a prominent position with a volume of 581 million euros or a share of 46.6 (previous year 47.8) percent of total business. According to the SME financier, the industriefinanz and agrarfinanz divisions also developed positively. While the volume of financing for machinery and other equipment grew to 382 (previous year: 363) million euros, accounting for 30.6 (previous year: 31.1) percent of total business, financing for mobile agricultural and construction technology stabilized at a volume of 102 million euros and accounted for 8.1 (previous year: 8.7) percent of total business.
Consumer loans increase significantly
Consumer loans in the Vorwerk Group's sales financing of high-quality household appliances climbed by 26.7 percent to EUR 183 (previous year: 145) million. In the factoring segment, the purchase volume grew from EUR 609 million to EUR 672 million. Overall, akf group increased its turnover from financing services (excluding VAT) to EUR 446 million (plus 3.6 percent) compared to the previous year. "The developments in new business, turnover and operating result have clearly exceeded our expectations," explains Dr. Frank Henes, CEO of akf bank. The earning power of akf group was also improved in view of a 6.4 percent increase in net interest income.
As in previous years, akf group's refinancing was mainly carried out with matching maturities through interbank business, a revolving ABCP program, a revolving ABS bond and the deposit business. ABS bonds were increased from EUR 250 million to EUR 400 million in 2017. The purely online-based deposit business also developed as expected in the past financial year. In total, around 21,800 (previous year: 20,600) customers with deposits of EUR 1,325 million (previous year: EUR 1,235 million) were managed at the end of the year.
The steady growth will continue in the current financial year. "Based on a slight increase in new business overall compared to the previous year, we also anticipate an increase in business volume for 2018. Overall, despite a lower but still healthy interest margin, we therefore expect net interest income to grow once again and thus further increase our earning power," says Henes, summarizing the current development of the SME financier. kp
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