Vehicle lessor Arval saw its financed fleet increase by 7.3% year-on-year, according to parent company BNP Paribas’ first quarter results.
Filing the fleet lessor under its other domestic markets business unit, BNP Paribas said that it showed strong growth. Arval’s fleet grew by 8.4% year-on-year in December, increasing the total fleet to over 1 million vehicles leased.
BNP Paribas Leasing Solutions, which the company puts in the same grouping, saw a 6.1% increase in financing outstanding, which BNP Paribas attributed to good growth.
Revenues for BNP Paribas’ other domestic markets business units rose by 1.2% year-on-year in the first quarter of this year to reach €674m (£570m). BNP Paribas said Arval was a driver of the revenue growth.
Operating expenses for the business unit increased by 3.1% year-on-year compared to Q1 2016 to €405m, while cost of risk declined by €18m over the same period, down to €14m. For the business unit overall, the contribution was €274m, a 9% year-on-year increase.
Overall, BNP Paribas reported €11.3bn in revenues for the first quarter of 2017, a year-on-year increase of 4.2%. Operating income rose 5.1% year-on-year to €2.6bn.