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VW finance arm has record 2016 profit despite dieselgate
March 23, 2017 / 12:14 PM / 9 months ago

VW finance arm has record 2016 profit despite dieselgate

FRANKFURT, March 23 (Reuters) - Volkswagen’s finance division posted record earnings last year despite the carmaker’s diesel emission crisis.

Operating profit at Volkswagen Financial Services jumped 10 percent to 2.1 billion euros ($2.26 billion) from 1.9 billion in 2015, it said on Thursday.

Whether the division, which handles dealer and customer financing and the group’s banking and leasing business, is able to match record profits this year will depend on the terms of Volkswagen’s return to capital markets, finance chief Frank Fiedler said at a press conference.

The Braunschweig-based division also plans to issue bonds this year, likely before the end of June, Fiedler said. ($1 = 0.9274 euros) (Reporting by Alexander Huebner; Writing by Andreas Cremer; Editing by Arno Schuetze)

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