Volvo Financial Services (VFS) recorded a higher level of new business volume on stable delivers and improved penetration, despite intense competition in most markets. Q2/17 volume of SEK 15.3 billion ($1.88 billion) was up 13.3% from SEK 13.5 billion ($1.66 billion) in the same quarter one year-ago.

Volvo said the portfolio continued to perform well during the quarter, highlighted by low customer over-dues and credit losses in most markets.

During Q2/17 operating income increased to SEK 521 million ($63.9 million) up from SEK 499 million ($61.2 million) in the same quarter one year-ago. During the quarter, VFS syndicated approximately SEK 1.7 billion ($208.6 million) of the credit portfolio across a number of markets.

During H1/17 VFS said it financed 23,808 units, down from 24,051 units a year earlier. New financing volume in H1/17 was SEK 27.0 billion ($3.31 billion), up from SEK 25.7 billion ($3.15 billion) in H1/16.