Volvo Financial Services (VFS) continued to record good results due to low credit losses and price realization. During Q3/16, operating income improved to SEK 528 million ($59.1 million), up from SEK 501 million ($56.0 million).

VFS new business volume and the penetration rate remained stable, despite increased competition in many markets. New financing volume of SEK 13.4 billion ($1.50 billion) in Q3/16 was up from SEK 13.3 billion ($1.49 billion) for the same quarter in 2015. Through the first nine months, new financing volume of SEK 39.0 billion ($4.36 billion) was down from SEK 39.9 billion ($4.46 billion) for the same period in 2015.

VFS Q3/16 operating income of SEK 528 million ($59.1 million) was up 5.4% from SEK 501 million ($56.0 million) in Q3/15. Year-to-date operating income of SEK 1,519 million ($169.9 million) compared to SEK 1,472 million ($164.7 million) for the same period nine month period in 2015.

Year-to-date credit provision expenses of SEK 447 million ($50.0 million) was down 24% from SEK 588 ($65.8 million) for the same period in 2015.