Crédit Agricole Leasing & Factoring (CAL&F), the leasing arm of French banking group Crédit Agricole, reported net profit of €58m in 2013 after a loss-making 2012.

Revenue at the lender totalled €535m, down just 0.5% from the €538m reported in 2012.

The leasing portfolio was down 4.1% at €15.9bn as of 31 December 2013 as the Group continues to reduce the size of its leasing book. The factoring portfolio was up 6% compared to 2012 to €15.5bn at the end of the year.

The company said it managed maintain high margins despite a decline in business volumes over the year, while operating costs for the CAL&F division were down 1.8% year-on-year for 2013 and the cost-income ratio was 48.1% for the year.

Crédit Agricole SA posted net profit of €2.88bn for year compared to a loss of €6.4bn in 2012.