Toyota Financial Services (TFS) grew its operating income 4% year-on-year to ¥76.6bn (£503m) in the three months to December, o r Q3 in the company’s 2018 financial calendar.
The result was helped by a growth in net revenues to ¥512.5bn, up 7.6% from 2016. This brought year-to-date profits to ¥1.8tn, up 15%.
The company attributed the growth to an increased lending balance and decreased costs from loan losses in North America.
In December, the UK arm of TFS launched a point-of-sale system for retail partners, named NGage, which it said was designed to eliminate the need for paper documents at quotation and agreement stages of a purchase.
Across the Toyota group, net revenues totalled ¥7.6tn, up 7%. Operating income, meanwhile, jumped 53% to ¥673bn.
Vehicle sales totalled 6.67m units, up by about 34,900 units year-on-year. Deliveries in Japan and Europe saw a rise, while sales in North America and Asia decreased to 2.1m units (down 13,800) and 1.1m units ( down 44,600) respectively.
Last week, Toyota reported they had reached the milestone of 1.52m electrified vehicles delivered in 2017, up 8% from 2016. This brought cumulative sales of electrified vehicles by the group to 11.4m since the introduction of the Prius in 1997.
Senior managing officer Masayoshi Shirayanagi said: “The latest operating income forecast is up ¥200bn from the previous forecast at the second quarter reporting.
“Excluding the overall impact of foreign exchange rates and swap valuation gains and losses, it is now up ¥130bn yen. This reflects additional contribution anticipated from profit improvement activities such as cost reduction, marketing efforts, and reduction of expenses.”