New business for French bank Société Générale Equipment Finance (SGEF) was up 16% year-on-year in the first quarter 2014.
The bank noted especially good levels of new business in Germany, Italy and the US.
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Despite this, total outstanding loans in equipment finance fell 2.6% year-on-year to 15.1bn.
The company’s operational vehicle leasing and fleet management business grew 9%, and its fleet now exceeds one million vehicles.
SGEF said the performance was due to the successful development of its partnerships with car manufacturers and retail banking networks, in particular with the signing of an agreement with the Banco Bilbao Vizcaya Argentaria (BBVA).
Overall, financial services to corporate’s revenue grew 13.9% to 334m, with gross operating income up 25.3% to 162m. As operating expenses were 172m, total net income for the Quarter was 100m, compared to 78m for the same period in 2013.
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