Cat Financial reported 2011 revenues of $2.645 billion, an increase of $93 million, or 4%, compared with 2010. Profit after tax was $378 million, a $100 million, or 36% increase from 2010.

The company’s pre-tax profit of $504 million for 2011 was up 53.2% compared to $329 million in 2010. Increases included a $49 million improvement in net yield on average earning assets, a $49 million favorable change from returned or repossessed equipment, a $37 million decrease in the provision for credit losses and a $28 million favorable impact from higher average earning assets

New retail financing in 2011 of $11.3 billion, was up 20% compared to $9.5 billion in 2010. Total assets at year-end 2011 were $30.1 billion, up from $28.8 billion a year earlier.

During 2011, Cat said its overall portfolio quality reflected continued improvement. At the end of 2011, past dues were 2.89%, down from 3.54% at the end of the third quarter of 2011 and 3.87% at the end of 2010.

Write-offs, net of recoveries, were $158 million for the full-year 2011, compared to $237 million for 2010. Full year 2011 write-offs, net of recoveries, were 0.70% of average annual retail portfolio, compared to 1.04% in 2010.

At year-end 2011, Cat Financial’s allowance for credit losses totaled $369 million or 1.47% of net finance receivables, compared with $363 million or 1.57% of net finance receivables at year-end 2010.

Kent Adams, Cat Financial president and vice president of Caterpillar, commented, “We are very pleased with the excellent improvement in Cat Financial’s results in 2011. In addition to increased profitability, new retail financing is up 20 percent from 2010 and portfolio performance has significantly improved, with past dues and full-year write-offs at their lowest levels since 2008.”

To read the full Cat Financial news release: click here.