DLL reported interim results for the first half of 2023. Despite current economic and geopolitical challenges, the company delivered portfolio and income growth during the first six months of the year, with net profits of EUR 260 million.

The company’s portfolio balance, when adjusted for currency movements, increased by 5 percent when compared to December 31st, 2022, and totaled EUR 42 billion (USD 46 billion). New business volume was EUR 19 billion (USD 20 billion) and reflected growth of 22 percent on a year-over-year basis.
Strong interim results, despite challenging circumstances

The company reported a net profit of EUR 260 million (USD 281 million) for the first six months of 2023, which represented an increase of 157 percent from the prior year, when the result was heavily diluted by impairments linked to the decision to cease all business activities in Russia and divest the local business.

2023 saw a continuation of the significant increase in market interest rates, as Central Banks continued their efforts to fight inflation. Consequently, DLL’s interest expense grew to EUR 582 million (USD 629 million), or 285 basis points (bps) compared to 125 bps in the same period the year before. Despite the increase in interest expense, DLL was able to improve its net interest income with 5.8 percent growth to EUR 645 million (USD 697 million) adjusted for currency movements, compared to EUR 612 million in the same period last year.

Impairments for the first half of 2023 totaled EUR 55 million (USD 60 million). This result equates to 27 bps, well below the long-term average of 40 bps. DLL closely monitors developments in this area as the global economy continues to face headwinds. The company continued to focus on strategic investments in the climate and energy transition, on strengthening the operations and control environment and on digitization to further enhance the customer experience.

Carlo van Kemenade, CEO and Chairman of the Executive Board said: “In this time of fast-changing economic and geo-political challenges, we remain committed to our customers and markets, standing by our partnership promise. I am proud that we were able to grow our portfolio and present strong interim results, which reflect our solid partnerships and the hard work exhibited by our global workforce.”