CNH Industrial reported its CNH Industrial Capital financial services unit revenues of $1,828 million were up 8.9% compared to $1,679 million a year earlier, primarily driven by the increase in the average value of the portfolio.

CNH said net income was $364 million for the year, compared to $342 million for 2013 which was negatively affected by the dissolution cost, net of taxes, of $25 million related to the joint venture with the Barclays group. Excluding this item, the improvement mainly attributable to a higher average portfolio value was offset by higher provisions for credit losses and higher income taxes.

Retail loan originations in the year were $10.8 billion, a decrease of $0.6 billion compared to 2013. The managed portfolio (including joint ventures) of $27.3 billion (of which retail was 65% and wholesale 35%) was up $0.4 billion compared to December 31, 2013. Excluding the impact of currency, the managed portfolio increased $2.2 billion, primarily in NAFTA (retail and wholesale) and LATAM (wholesale).

For the fourth quarter 2014, Financial Services’ revenues totaled $465 million, up 7.6% compared to the same period in 2013, primarily due to the increase in the average value of the portfolio. Net income was $98 million for the quarter compared to $122 million for Q4 2013, as the increase in revenues, driven by higher average portfolio, and lower provisions for credit losses were more than offset by higher income taxes.