Cat Financial reported Q3/13 revenues of $698 million, an increase of $20 million, or 3%, compared with Q3/12. Third-quarter 2013 profit after tax was $118 million, a $9 million, or 8%, increase from the third quarter of 2012.

The company said new retail financing in the third quarter of 2013 was $3.17 billion, a decrease of $42 million, or 1%, from the third quarter of 2012. New retail financing decreased across all operating segments with the exception of North America, which increased.

The increase in revenues was primarily due to a $40 million favorable impact from higher average earning assets (finance receivables and operating leases at constant rates), partially offset by a $26 million unfavorable impact from lower average financing rates on new and existing finance receivables and operating leases.

Profit before income taxes was $165 million for the third quarter of 2013, compared with $153 million for the third quarter of 2012. The increase was primarily due to an $18 million favorable impact from higher average earning assets.

“Cat Financial’s steady growth in earning assets and strong portfolio performance, combined with our diversified funding platform, continues to demonstrate our ability to deliver reliable earnings,” said Kent Adams, Cat Financial president and vice president of Caterpillar. “We continue to be well-positioned to serve Caterpillar, Cat dealers and our customers world-wide.”

At the end of the third quarter of 2013, past dues were 2.45%, compared with 2.64% at the end of the second quarter of 2013, 2.26% at the end of 2012 and 2.80% at the end of the third quarter of 2012. Write-offs, net of recoveries, were $58 million for the third quarter of 2013, up from $29 million for the third quarter of 2012. The increase in write-offs was primarily related to Cat Financial’s European marine portfolio and was previously provided for in the allowance for credit losses.

As of September 30, 2013, Cat Financial’s allowance for credit losses totaled $404 million or 1.40% of net finance receivables, compared with $426 million or 1.49% of net finance receivables at year-end 2012. The allowance for credit losses as of September 30, 2012, was $404 million or 1.47% of net finance receivables.