DLL delivered strong underlying results for the 2022 business year. Despite challenging market conditions, the company recorded portfolio and income growth, while net profits were heavily impacted by losses arising from the company’s sale of its holdings in Russia.
DLL recorded net profits of $361 million for 2022, which represented a 41 percent decrease from the prior year. This result was adversely impacted by the sale of the company’s Russian operations, which resulted in a financial loss of $257 million. Despite challenging market conditions, the company’s portfolio balance grew by 8.5 percent over the prior year and reached $43.3 billion. Further, the underlying financial performance continued to trend positively, with net income totaling $1.799 billion, which represented a nearly 11 percent growth over the prior year.
“What makes me particularly proud is that in the face of several geopolitical and economic challenges, DLL stood by its partnership promise, supporting our customers and contributing to the success of our shareholder, Rabobank,” said Carlo van Kemenade, CEO and Chairman of the Executive Board. “Without the exceptional events in Russia, the underlying performance of our business and portfolio remained strong and continued to trend positively. Most importantly, we continued to invest heavily in the development and wellbeing of our global workforce, as well as several important projects to ensure that DLL has a solid control environment and stable foundation for future growth.”
Ensuring Continued Success in a Changing World
During the 2022 business year, the company took significant steps to evolve and adapt its corporate strategy, by taking into account emerging trends and opportunities, such as the ever-increasing importance of sustainability, including climate change and energy transition, as well as the challenge to feed a growing population. The new strategy has bold, but attainable ambitions, with DLL aiming to become the market leader in enabling sustainable business growth while remaining the undisputed global leader in vendor finance. Van Kemenade said, “We truly believe that DLL will have a key enabling role to play in creating a more sustainable world. We aspire to be a transition partner, helping our customers with many of our specialized products such as Lifecycle Asset Management, Pay-Per-Use, and Used Equipment Finance.”
Looking Ahead
“I continue to look at the external environment with cautious optimism,” said Van Kemenade. “When I look at DLL, I am confident that we have the right strategy, the right products and most importantly the right people to continue our journey of sustainable growth.”