Cat Financial reported Q1/15 revenues of $689 million, a decrease of $22 million, or 3% compared with the first quarter of 2014. First-quarter 2015 profit after tax was $133 million, a $2 million, or 2%, increase from Q1/14.

Cat said the decrease in revenues was primarily due to a $13 million unfavorable impact from lower average financing rates and a $7 million unfavorable impact from lower average earning assets.

Profit before income taxes was $187 million for Q1/15 compared with $182 million for Q1/14. The increase was primarily due to a $19 million decrease in provision for credit losses, partially offset by a $7 million decrease in net yield on average earning assets and a $3 million unfavorable net impact from lower average earning assets.

During the first quarter of 2015, retail new business volume was $2.47 billion, a decrease of $329 million, or 12%, from the first quarter of 2014. The decrease was primarily related to lower volume in Latin America, Asia and Mining, partially offset by increases in North America.

At the end of the first quarter of 2015, past dues were 3.08%, compared with 2.17% at the end of 2014. The increase in past dues compared to year-end 2014 was primarily due to the performance of the Latin American and Mining portfolios and seasonality impacts. At the end of the first quarter of 2014, past dues were 2.56%. Write-offs, net of recoveries, were $12 million for the first quarter of 2015, compared with $39 million for the first quarter of 2014.

As of March 31, 2015, Cat Financial’s allowance for credit losses totaled $392 million or 1.38 percent of net finance receivables, compared with $401 million or 1.36 percent of net finance receivables at year-end 2014. The allowance for credit losses as of March 31, 2014, was $384 million or 1.29 percent of net finance receivables.

“Our business continues to perform well, reflecting a stable portfolio and a diversified funding platform,” said Kent Adams, president of Cat Financial and vice president with responsibility for the Financial Products Division of Caterpillar Inc. “The global Cat Financial team delivered solid results and we continue to be well positioned to serve Caterpillar, Cat dealers and customers worldwide.”