BMW Financial Services (BMW FS) "performed well" during the third-quarter with revenues up 14.97% year-on-year to 4.92bn (£3.94bn), according to a report for BMW Group.
Profit before tax was also up 20.06% to 425m compared with the same period last year which was itself noted for "rapid growth".
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Year-to-date revenues were also up, growing 15.4% to 14.58bn, although profit before tax dropped 15.5% year-on-year to 1.29bn over the period.
As of 30 September, BMW FS was managing 3,745,760 contracts, a rise of 5.4% year-on-year and 1.4% up on the previous quarter. From January to September, 979,322 new financing and lease contracts were signed, a gain of 10.9%.
BMW FS has seen constant growth throughout the year but not without hiccoughs: second-quarter revenue and contract volume were both up year-on-year but profits slid; and despite 1.17% year-on-year growth in the first quarter, BMW FS profit dropped as a proportion of the BMW Group total from 25% to 21%.
BMW FS third-quarter profit before tax as a proportion of the Group’s total, 1.99bn, was 21.39%; across the first nine months of the year it accounted for 21.35% of the 6.04bn recorded by the Group.
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By GlobalDatarichard.brown@vrlfinancialnews.com
