FRANKFURT, Dec 18 (Reuters) - The financial services arm of Europe's biggest carmaker Volkswagen said on Thursday it was on track for record pre-tax earnings this year. The unit, which earned more than VW's car building business in the last quarter, said in September it expected earnings growth of about 10 percent for the full year. The arm posted a pre-tax profit of 501 million euros ($618 million) in 2002.
Norbert Massfeller, head of the unit, told Reuters pre-tax profit at the financial arm had improved at the same pace as growth in the balance sheet total, which he said would increase 9.5 percent to 32.5 billion euros for this year.