RCI BANQUE PRESS RELEASE : MOBILIZE FINANCIAL SERVICES CONFIRMS ITS
GROWTH MOMENTUM WITH SOLID SALES AND FINANCIAL PERFORMANCE IN THE
FIRST HALF OF THE YEAR 2024
PRESS RELEASE
|
25 July 2024
|
MOBILIZE FINANCIAL SERVICES CONFIRMS ITS
GROWTH MOMENTUM WITH SOLID SALES AND FINANCIAL PERFORMANCE IN THE
FIRST HALF OF THE YEAR 2024
In line with its strategy of creating
value for its customers, Mobilize Financial Services confirms its
dynamic sales1
performance in the first half of 2024:
- 660 ,137 contracts
were financed, an increase of 2.1% compared to the first half of
2023,
- The amount of new financing
increased by 2.5% compared to the first half of 2023
- Customer loyalty and
satisfaction sets a new record, with Net Promoter
Score2 rising by one
point to +59 since the last edition of this performance report,
published in 2023.
This growth is also backed by a robust
financial performance:
- Growth in average
performing assets3
increased (+9.9%) compared to end June 2023
- Net banking income
increased, by 10.4%, to 1,075 million euros compared to the first
half of 2023
- Group pre-tax income
increased by 13.6% to 553 million euros (vs. 487 million euros in
the first half of 2023)
"Our results testify to the relevance
of our strategy to create greater value for our customers and place
their satisfaction at the heart of our challenges, while optimizing
our operational management. Through the commitment and hard work of
our teams, we are consolidating our position as market leader. We
also continue to play an important role in Renault Group's ambition
to contribute to more sustainable mobility, by anticipating the new
requirements of our customers and providing offers that correspond
to the new uses and practices of mobility." says
Martin Thomas, CEO of Mobilize Financial Services.
SALES MOMENTUM DRIVEN BY A FAVORABLE MARKET
Given the favorable trend in the automotive
market and the growth in Renault Group, Nissan and Mitsubishi
registrations, Mobilize Financial Services saw the number of new
financing contracts increase by 2.5% in the first half of 2024.
Excluding companies consolidated by the equity method, the overall
intervention rate stands at 42.8%, a slight decline compared to the
first half of 2023 (-0.5 point), due to a reduction in the share of
the private customer channel, where intervention rates are
traditionally the highest. The intervention rate for electric
vehicles stands at 51.4% (+9 points compared with the intervention
rate for other types of motorization).
As part of the environmental component of its
ESG strategy, Mobilize Financial Services aims to increase the
share of electric vehicles in its financing and, to this end, is
developing financing offers for energy-related services and
products, such as the Mobilize Charge Pass or Powerbox.
Mobilize Financial Services has funded 660,137
new financing contracts in the first half of 2024, an increase of
2.1% compared to the end of June 2023. Second-hand vehicle
financing was down by 10.4% in the same period last year, with
154,389 contracts financed.
Benefiting from a growing operational leasing
market, Mobilize Lease&Co, was created at the end of 2022 with
the aim of extending and standardizing Renault Group leasing offers
in Europe and Latin America. Its results for the first half of 2024
are very promising, with growth of 35% compared with the same
period in 2023. With 101,450 operational leasing contracts for
private and professional customers, surpassing the 75,165 contracts
for the first six months of 2023 thanks to excellent results in the
French market in the private customer segment, but also to the
results of the German subsidiary MeinAuto, whose takeover was made
official at the very beginning of 2024. Other subsidiaries, such as
Spain and SelectLease by Mobilize in the UK, contributed to this
strong increase, which was completed by the opening of a subsidiary
in Colombia at the end of 2023.
New financing (excluding cards and personal
loans) amount to 10.7 billion euros, a 2.5% increase, driven by
registrations of Renault Group brands and a rise in the volume of
new vehicle applications (+6.6% compared to the first half of
2023).
Average performing assets related to the
Customer business increased by 11.7% to 44.2 billion euros in the
first half of 2024. Average performing assets related to the
Network business also benefited from a market no longer penalized
by semiconductor shortages, and stood at 10.6 billion euros, up by
3.2%. Overall, average performing assets reached 54.9 billion
euros, an increase of 9.9% in the first half of 2023.
The number of insurance and service contracts
sold in the first half of 2024 stood at 1.9 million units.
Mobilize Financial Services achieves a record
level of customer recommendation, with a Net Promoter Score of +59,
an increase of one point compared to November 2023, the date of the
last edition of this performance report.
A ROBUST FINANCIAL PERFORMANCE
Net Banking Income (NBI) stood at €1,075
million, an increase of 10.4% compared to the end of June 2023.
This growth results both from the increase in average performing
assets and from the non-recurrence of a negative impact of -37
million euros in the first half of 2023 linked to interest-rate
swaps hedging sight deposits, which are booked at market value.
Operating expenses amounted to 365 million euros
in the first half of 2024, compared to 356 million euros at the end
of June 2023. The increase of 9 million euros is mainly due to the
acquisition of the German car leasing company MeinAuto in January
2024. Operating expenses represented 1.34% of average performing
assets, an improvement of 10 base points in the first half of
2023.
Earnings before tax thus amounted to 553 million
euros (versus 487 million euros at the end of June 2023).
A STRATEGY FOR DIVERSIFYING FINANCING
SOURCES
In the context of controlled inflation in favor
of sustained growth, but also risk aversion due to political and
budgetary uncertainty at European level, Mobilize Financial
Services issued bonds worth the equivalent of 3 billion euros in
the first half of 2024.
The Group entered the euro market on 3
occasions, issuing respectively 600 million euros at 5 years, 1,500
million euros in double-tranche format (800 million euros at 3.5
years and 700 million euros at 7 years) and a new Tier 2
subordinated loan for 750 million euros (settlement date July
2024). At the same time, and in line with its policy of
diversifying funding sources, a 3-year issue of 650 million Złoty
(PLN) (150 million euros) was carried out by the Polish
subsidiary.
In securitization, the Group placed around 800
million euros' worth of securities backed by car loans granted by
its German branch. Private securitization issued for car loans in
the UK and for leasing in Germany saw their revolving period
extended for further two years, and their amount increased slightly
to £700 million in the UK and 450 million euros in Germany.
The Savings business remained competitive in
terms of the cost of the resources collected, demonstrating once
again the relevance of the strategy of diversifying financing
initiated more than ten years ago. Outstanding savings increased by
1.2 billion euros since the beginning of 2024, to 29.4 billion
euros.
Press Contacts
Olivia Benoit
olivia.benoit@mobilize-fs.com
Hopscotch PR
+33 (0)1 41 34 22 03
mobilize-fs-presse@hopscotch.fr
About Mobilize Financial
Services
Attentive to the needs of all its customers, Mobilize Financial
Services, a subsidiary of Renault Group, creates innovative
financial services to build sustainable mobility for all. Mobilize
Financial Services, which began operations nearly 100 years ago, is
the commercial brand of RCI Banque SA, a French bank specializing
in automotive financing and services for customers and networks of
Renault Group, and also for the brands Nissan and Mitsubishi in
several countries.
With operations in 35 countries and nearly 4,000 employees,
Mobilize Financial Services financed more than 1,2 million
contracts (new and used vehicles) in 2023 and sold 3,9 million
services. At the end of June 2024, average earning assets stood at
54,9 billion euros of financing and pre-tax earnings at 553 million
euros.
Since 2012, the Group has deployed a deposit-taking business in
several countries. At the end of June 2024, net deposits amounted
to 29,4 billion euros, or 50 % of the company's net
assets.
To find out more about Mobilize Financial Services:
www.mobilize-fs.com/
Follow us on Twitter: @Mobilize_FS
1 Excluding equity-accounted companies
2 Net Promoter Score (NPS) is the percentage of customers who
rate their likelihood of recommending a company, product or service
to a friend or colleague as 9 or 10 (“promoters”) minus the
percentage rating his likelihood as 6 or less (“detractors”) on a
scale of 0 to 10.
3 Average performing assets: APM correspond
to average performing assets plus assets related to operating
leasing activities. For customers, this is the average of month-end
earning assets. For the network, it is the average of daily earning
assets.
- UK - PR - Mobilize Financial Services - Financial Results 2024
- S1 - 25-7-2024 - DEF
