BMW Financial Services announced a 2.3% increase in finance deals during the first three months of 2014, totalling 348,072 new lease and credit financing contracts extended to retail customers.

The finance arm generated profits before tax of €460m (£380m) based upon revenues of €4.89bn in the first quarter, up 3.3% and 1.2%respectively on the same period last year.

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BMW Group also announced record sales volumes for the first quarter of 2014, up 8.7% on 2013 figures to 487,024 vehicles sold.

Record-breaking sales were seen in the company’s motorcycle segment as well, with 28,719 BMW motorcycles sold over the three-month period, up 16.1% on 2013’s first-quarter figure of 24,732.

The group’s revenue reflected sales performance, rising to € 18,235m (£14978.17m), marking a 3.9% increase on last year’s first quarter results net profits at the group also rose, up from €1.31bn in 2013 to €1.46bn or 11.4%.

In addition, EBIT increased 2.6% to € 2,090m, while profit before tax totalled €2,166m, representing an 8.1% increase and a new record for first-quarter earnings.

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In a statement accompanying its first-quarter results, the company expressed itself "confident that the BMW Group will grow profitably again in 2014."

"In view of the substantial volume of capital expenditure planned, we expect RoCE for the Automotive segment to be significantly down and RoE for the Financial Services segment to be slightly lower than in the preceding financial year," it continued, but added

"Both performance indicators will be nevertheless higher than their long-term targets of 26% and 18 % respectively."