Volkswagen's financial services division has achieved its best ever operating result for the 2015 financial year. The result was achieved in spite of the company's ongoing 'dieselgate' crisis.

At this year's annual press conference, the Chairman of the Board of Management of Volkswagen Financial Services AG, Lars Henner Santelmann reported: "2015 was both an eventful and an outstanding financial year for Volkswagen Financial Services. With a figure of 1.9 billion euros, we achieved the best operating result ever."

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Santelmann also expressed his delight at the significant improvements in almost all key financial indicators for the financial services business division of the Volkswagen Group: total assets increased to 157.9 billion euros (+14.9%) and the portfolio of current contracts including all joint ventures rose to 16.6 million contracts (+11.4%). Chief Financial Officer Frank Fiedler added: "For the 2016 financial year, we are expecting a very good result again that will at least be at the level of the previous record of 1.7 billion euros attained in 2014."

VW's financial services division has also had a key role to play in rebuilding trust in the VW Group brands under pressure as result of the diesel emissions scandal. VW said that in Germany and many other European countries, "attractive new offers were made available to customers with components such as extended warranty, maintenance and inspection or special financing conditions".

VW also said that "extensive reserves were set aside on the basis of the existing leasing portfolio so as to be prepared for a possible decline in the residual values". In the case of new contracts, the measures of the trust offensive have a stabilising effect on the residual value, the company claims.

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