Record year for Banque PSA Finance
PSA Peugeot Citroën's banking subsidiary has had a record 2015 in terms of penetration rate, cost of risk and sales of insurance products and services, the Journal de l'Automobile reports. The excellent results are attributed to the bank's recent association with Santander.
In 2015, the cost of risk was 0.33%, the penetration rate was 29.9% (28.5% in France), and sales of new insurance contracts and services have amounted to 1,500,679 units (+ 7.2%).
Banque PSA Finance also saw the number of new financing applications rise from 700,855 to 731,701 (+4.4%), of which 155,793 were for used vehicles (+2.6%) and 575,908 for new ones (+4.9%). This adds up to a turnover of €8.25 billion, an increase of 9.5% over 2014.
That amount was processed as 476,569 contracts finance by credit, and 255,132 financed leases. Leasing product volumes have progressed by 11.4%, balloon credit offers by 12.2%.
Last year's excellent performance saw the bank's outstanding go from €21.02 billion at the end of 2014 to €21.34 billion at the end of 2015. The bank's outstanding savings, deployed in France, Belgium and Germany, amount to €2.74 billion.
Image credit: Banque PSA Finance