Volvo reported that during Q2/15 its Volvo Financial Services unit continued to experience profitable growth driven by strong new business volume in Europe and North America. The gross credit portfolio increased, on a currency-adjusted basis, by 9% when compared to the second quarter of 2014 and reached a new all-time high.

Volvo noted that during H1/15, it financed 23,746 units, down 8.1% from 25,844 units during the same period a year earlier. New financing volume during H1/15 was SEK 26.6 billion ($3.1 billion) compared to SEK 24.9 billion ($2.90 billion) during the same period in 2014.

Volvo said the portfolio continued to perform well, highlighted by strong performance in North America and Europe, while the situation in Brazil continues to be challenging. Credit reserves remained stable at 1.40% during the quarter.

Operating income improved to SEK 497M ($58 million) compared to SEK 397M ($46 million) mainly due to profitable growth, good portfolio performance and operating expense control.

During the quarter, Volvo Financial Services syndicated approximately SEK 2.2 billion ($256 million) of the credit portfolio across a number of markets, effectively reducing concentration risks and freeing up credit capacity to support sales.