Volkswagen Financial Services (VWFS) recorded gross profits of €3bn (£2.1bn) in the first half of 2015, worldwide, up €0.3bn year-on-year.

The global financial services division combines the Volkswagen Group’s dealer and customer financing, leasing, banking and insurance activities, fleet management and mobility offerings. The division comprises of Volkswagen Financial Services and the financial services activities of Scania, Porsche and Porsche Holding Salzburg.

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Operating profits rose by 21.3% year-on-year in H1 2015 to €1.1bn and the operating return on sales stood at 7.6%.

The Financial Services Division’s gross cash flow rose by €1.4bn to €4.2bn in the first six months of 2015 as a result of improved earnings quality.

VWFS recorded total assets of €163.8bn at the end of the reporting period, 6.5% higher than at December 31, 2014. Lease assets and noncurrent financial services receivables increased due to the positive business performance and exchange rate factors.

In the first six months of the year, the penetration rate of the division’s markets remained broadly constant year-on-year at 29.7% (29.8%).

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The number of new financing, leasing, service and insurance contracts signed worldwide rose by 6.8% year-on-year to 2.7m. At 13.5m, the total number of contracts as of June 30, 2015 was up 1.1% on the figure for year-end 2014.

A total of 2m new contracts were signed in the Europe/other markets region between January and June 2015, a 10% increase year-on-year. A positive growth in new contracts was also recorded in the Asia Pacific region, rising by 8.2% to 257,000.

On the other hand, there was a fall in new contracts recorded in North and South America. The number of contracts in North America was 2m at the end of the reporting period, falling 5.6% short of the figure for year-end 2014. In South America, the number of new contracts signed in the first half of 2015 was 133,000, a decline of 9.6% on the prior-year period.