DLL reported net profits of €260 million ($282.82 million) for the first half of 2023, representing an increase of 157% compared with 2022, when, according to DLL, results were heavily diluted by impairments linked to the company’s decision to cease all business activities in Russia and divest its local business.

The company’s portfolio balance, when adjusted for currency movements, increased by 5% when compared to Dec. 31, 2022, totaling €42 billion ($46 billion). The company also reported its new business volume was €19 billion ($20 billion) and reflected growth of 22% on a year-over-year basis.

In the face of the continued efforts of central banks to fight inflation through the implementation of market interest rate increases, DLL’s interest expense grew to €582 million ($629 million) or 285 bps, up from 125 bps in the same period in 2022. Despite the increase in interest expense, DLL improved its net interest income by 5.8% to €645 million ($697 million), adjusted for currency movements, compared to €612 million ($665.71 million) in the same period last year.

Impairments for the first half of 2023 totaled €55 million ($60 million), equating to 27 bps, which is well below the company’s long-term average of 40 bps.

“In this time of fast-changing economic and geopolitical challenges, we remain committed to our customers and markets, standing by our partnership promise,” Carlo van Kemenade, CEO and chairman of the executive board at DLL, said. “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.”