ALD Automotive, Societe Generale’s leasing and fleet arm, reported gross operating income of €328m (£289m) for the first quarter of 2018, in line with the previous year.
The company saw vehicle fleet expansion of 9.3%, reaching 1.54m vehicles under management.
Increased margins of 6.6% on leasing contracts and services compensated for a 60% drop in car sales, which totalled €29.6m.
Mike Masterson, chief executive of ALD, said: “ALD has started 2018 with a lot of momentum after a year of record growth. We are continuing to capitalise on our investments in technology, a key differentiating factor in the development of our business.
“Our strategy of sales channel diversification is helping sustain strong organic fleet growth and we are making good progress in rolling out our private lease product.
“Financial performance in Q1 is in line with our guidance for 2018, which we are confident of achieving thanks to our leadership position and the rigourous management of our costs and risks.”
Societe Generale’s overall revenues for corporate financial services, including equipment finance and fleet leasing, were down 13.8% year-on-year in the first quarter, totalling €202m.
Equipment finance loan portfolio, excluding factoring, was up 4.7% at €17.2bn, driven by new business in Europe.