Daimler Financial Services saw revenue rise by 22% year-on-year over the first quarter 2017, according to Daimler’s quarterly results.

The German captive’s revenue increased to €5.9bn (£5bn) in Q1 2017 from £4.9bn in the same period in 2016.

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Earnings before interest and taxes (EBIT) also rose, up 21% year-on-year to €524m, with higher return on equity than Q1 2016, of 19.3%.

Daimler FS saw new business increase by 23% year-on-year in the first quarter of this year, and contract volumes rose 17% to 135,036 over the same period.

The Daimler Group saw overall revenue rise by 11% year-on-year to €38.8bn in the first quarter of this year, and EBIT of over €4bn, an 87% year-on-year rise from Q1 2016’s figure of €2.15bn.

Mercedes-Benz increased their sales by 14% year-on-year in Q1 2017, achieving 568,070 units sold worldwide. European sales rose by 8% year-on-year to 241,403 units, with a 6% increase in German sales over the same period.

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The Asian market saw the largest percentage rise in Q1 2017, increasing by 30% to reach 210,730 units, with the Chinese market accounting for 154,563 units, growth of 43% over the same period.

Largely, Mercedes-Benz maintained a stable market share, remaining essentially static in the European Union, 5.9% from 5.8% the year before, with changes in all other markets of below 1% in either direction.