Volvo reported that its finance business new financing volume in the first quarter 2013 was $1.38 billion, down from $1.57 billion in the same period in 2012. In total, Volvo said 10,108 Volvo Group units were financed compared to 11,172 units in the previous year. The company noted that in markets where financing is offered, the average market penetration rate in the first quarter was 28% compared to 25% a year earlier.

Operating income in first quarter of $57.7 million was up from $50.6 million the previous year. Volvo said the improvement was driven mainly by stronger margins.

As of March 31, 2013, Volvo said the gross credit portfolio amounted to $15 billion, up from $14.5 billion. On a currency adjusted basis, the portfolio increased 8%.