BMW Group has reported a net profit of €1.2 bn
euros (£1.01bn) for the first quarter of 2011, up 270% on last
year’s first quarter total of €324m (£290m).
The result comes on the back of the carmaker’s
greatest ever Q1 sales performance, with sales of BMW, Rolls-Royce
and MINI vehicles up by 21.3% on the period a year before to a
total of 382,758 units.
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BMW Financial Services (BMWFS) saw Q1 revenues
rise 4.5% year-on-year to reach €4.2bn (£3.7bn), with profit before
tax up to €429m (£383m) from €222m (£198m) in 2010.
Some 276,856 finance and leasing contracts
were written by BMWFS over the quarter, a 13.8% increase
year-on-year.
Just over 40% of new cars sold by the group
during the quarter were leased or financed by BMWFS, 6.8 percentage
points lower than in the corresponding period of 2010.
According to the group’s Q1 results
presentation, “figures for the Chinese market are being taken into
account for the first time now… as a result of consumer behaviour
on this market, the proportion of leased or financed new vehicles
is significantly lower than the average for other car markets.”
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By GlobalDataAccording to the group’s first quarter
results, lease business grew by 19.3% year-on-year, while credit
financing grew by 11.5%. Lease deals now make up 30.3% of new
business for the group.
Credit loss ratio for the quarter fell to
0.55%, from 0.65% in 2010.
