DLL recorded net profits of €586 million ($693 million) for 2021, which represented an increase of 226% from the prior year. According to DLL, this result was positively impacted by improvement in risk costs as economic conditions improved in some key markets. When excluding currency movements, the company’s portfolio balance grew by 3% over the prior year and reached €37.4 billion ($42.3) billion.

“Consistent with our partnership approach, we have continued to work closely with our customers to overcome the obstacles placed in front of us by the pandemic and other market events.” Carlo van Kemenade, CEO and chairman of the executive board for DLL, said. “Our strong financial results are a reflection of this approach and our resilient business model. I am immensely proud of our achievements and want to thank every member of the DLL workforce who contributed to this success.”

Due to improved macro-economic conditions in 2021, DLL reversed previously booked provisions that were taken during the height of the COVID-19 pandemic to guard against anticipated future losses. As a result, DLL closed the year with total risk costs in a net positive position of €83 million ($98 million).

The underlying financial performance of DLL’s portfolio trended positively, with net income totaling €1.545 billion ($1.827 billion), which represented 3% growth over the prior year. This was supplemented by what DLL called “strong asset management income performance,” as shortages on new equipment resulted in higher secondary market values being realized on used equipment sales.

“I am very pleased with these results, which saw improvements across virtually all key financial metrics.” Marc Dierckx, CFO and member of the executive board for DLL, said. “Excluding the exceptional risk cost result and the significant uplift it had to net profits, the underlying performance of our business model remains robust and continues to provide a solid foundation for future growth.”

“With COVID changing how our customers and workforce have conducted business over the past two years, we recognize that DLL needs to continue to evolve and adapt in order to stay positioned for future success.” Van Kemenade said. “Looking ahead, we have bold plans to refresh our strategy by taking into account emerging trends and aiming for healthy growth but also being mindful of the geopolitical developments and economic environment in front of us. We are moving forward with cautious optimism, and with this solid foundation of performance plus our engaged global workforce, we remain very confident that the future will be bright.”