BMW Financial Services achieved a 16.8% year-on-year increase in revenue in the first quarter of 2017, according to BMW Group’s quarterly results.

The German captive generated €7.05bn (£6bn) in revenue in Q1 2017, compared to €6.03bn over the same period last year. BMW FS’ profit before tax also rose in the first quarter of this year, increasing 4.4% year-on-year to reach €595m.

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Overall, BMW Group achieved a 26.9% year-on-year increase in pre-tax profit in the first quarter of 2017, generating €3bn (£25.5bn) in profit before tax in Q1 17, compared to €2.37bn over the same period last year. Group profit before tax rose by 26.9% year-on-year to €3bn in Q1 2017.

BMW’s car sales rose 5.3% year-on-year in Q1, reaching 587,237 units, compared to 557,605 units in the first quarter of 2016. Revenues also rose, reaching €20.7bn, an increase of 10% year-on-year.

By brand, BMW, Mini, and Rolls-Royce all posted increases in sales and production volume, with total group automotive production increasing by 11.7% year-on-year to 647,929 units.

By region, BMW’s sales in Europe increased by 8.1% year-on-year in the first three months of the year, to reach 267,996 units.

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The results were pushed by strong growth in some of Europe’s largest car markets, with double-digit growth in Italy of 11.6%, and gains of 7.9% by in Spain.

BMW’s domestic market of Germany saw 6.7% growth while France and the UK increased their purchases of BMW vehicles by 5.1%, and 6.2% respectively.