Arval, BNP Paribas’s vehicle leasing division, grew its serviced fleet over 7% in 2017, reaching 1.1m vehicles.

The group division comprising Arval and other specialist finance businesses reported a revenue growth of 3.3%, to €2.7bn (£2.4bn), which the group said was driven by personal investment and Arval.

Operating income for the division was stable, at €1bn. Operating expenses went up by 8.1%, reaching €1.6bn. The group attributed this in part to investment in digitalisation, which in the case of Arval mainly concerned online fleet management.

Arval’s results were driven by double digit fleet growth across virtually all markets, including the core regions of France (+5%), Spain (+15%) and Italy (+10%). The company also launched a subsidiary in Norway during the last quarter of the year, with the aim of growing the local fleet to 2,000 vehicles by 2020.

Additionally to the results, Arval said it would add five products to its range covering car sharing and electric vehicle developments:

  •  “Arval for Me”, an aftermarket portal geared towards individual customers, which will first launch in core markets (Italy, Spain, UK and France) and then roll out across other countries;
  • “Arval Car Sharing”, a car sharing platform for customer’s employees, which has already launched in Italy and will be subsequently available across the whole network;
  • “Arval For Employee”, a range of options for employees’ vehicles, including leasing, salary sacrifice and car sharing;
  • “My Arval”, a digital fleet management platform which includes a peer-to-peer vehicle exchange platform; and
  • an expanded electric vehicle ecosystem offer, covering home and workplace installation, payments and digital management, as well as offering traditional fuel replacements for short periods. The offer is provided in partnership with the Renault-Nissan Alliance. It will launch in France and subsequently in 13 other countries including the UK.

Philippe Bismut, Arval chief executive officer, said: “2017 was another great year of success and encouraging achievements. Our track record demonstrates the relevance of our strategy, as well as the quality and commitment of our teams.

“We are now announcing the launch of groundbreaking offers, which will contribute to the transformation of the market and accelerate the broadening of our global offering. We are becoming more and more engaged in making user-friendly and greener solutions also available to our clients’ employees and individuals”.

“Our strong expertise, unique range of added value services, and the positive market trends give us great confidence that we will continue to significantly grow in our main segments and geographical areas in 2018.

“In fast evolving environments, our clients’ needs evolve permanently. I strongly believe that these new groundbreaking offers, based on our digital know-how, will help our clients take up their challenges and make a sustainable decisive contribution to the green transformation of our sector”.