Ford Motor Credit (FMC), the lending arm of US manufacturer Ford reported a net profit of $272m (£168m) for the third quarter of 2013.
The results show a decline in profitability compared to the same quarter last year’s $355m of 23.38%.
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FMC saw an increase in its financing revenue in the third quarter of $75m, from $579m to $654m, but higher expenses at the firm and a larger tax bill of $155m, which compares to $38m for the same quarter last year, drove down profitability in the finance unit.
Before expenses and tax, however, revenue was up from $579m in the third quarter of 2012 to $654m.
This was boosted by a 10.97% increase in financing revenue to $2.175bn.
Profitability for the first nine months of the year was also slightly down on 2012 at $911m, a 3.70% drop on last year’s figure of $946m.
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By GlobalDataFord Credit’s chairman and CEO, Bernard Silverstone said: "We remain solidly on track for 2013, we are growing along with Ford and continue to offer a full range of financing products and the world-class services that support Ford sales, our dealers and customers."
