Operating income in Scania Financial Services decreased to SEK 253m (€27.3m) in the first quarter of 2016, compared to SEK 256m reported in the same period in 2015.

"A larger portfolio had a positive impact on earnings, while lower margins and negative currency rate effects had an adverse impact," the company wrote.

At the end of the first quarter of 2016, the size of Scania’s customer finance portfolio amounted to SEK 58.9bn, which was SEK 2.4bn higher than the end of 2015.

The penetration rate was 39% during the first quarter in those markets where Scania has its own financing operations, down 3% year-on-year. The decrease was related to Great Britain, Germany and France, among other countries.