IBM reported that its Global Financing segment revenue and gross profit margin in the fourth quarter of $534 million and 43.3%, respectively compared to $535 million and 43.8% a year earlier. IBM said financing segment pre-tax income increased from $518 million or 14% to $589 million. Pre-tax margin was 49.6%, up from 46.9% in Q4/12.

For the full year, Global Financing segment revenue and gross profit margin of $2.022 billion and 45.6%, respectively compared to $2.013 billion, or 0.4% higher, and 46.5% a year earlier.

IBM said Global Financing year-end debt totaled $27.5 billion versus $24.5 billion at year-end 2012, resulting in a debt-to-equity ratio of 7.2 to 1.