Germany’s Volkswagen reported an operating profit of €8.6bn (£7.36bn) for the first nine months of 2013 with the finance division contributing $1.1bn to the total.

The finance division’s total profit was broadly flat compared to the same period last year, up just €100m.

Globally, however, new contracts at Volkswagen Financial Services rose 11.2% to 3.1 million during the first three quarters of 2012, taking total new contracts to 10.4 million for the first nine months of the year.

Europe accounted for 2.1m of those contracts, up 7.7% compared to the same period in 2012.

For the year to the end of September 2013 European new contracts rose 7.1% to 7.3m, of which 3.1m were commercial contracts.

VW Group’s profit is a 3% decrease on last year’s figure of €8.9bn. Figures for the three months to the end of September however show an improvement in the profitability at the carmaker with profits up from €2.3bn in 2012 to €2.8bn.

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By GlobalData

Revenues at Volkswagen continue to rise despite difficult trading conditions, particularly in the European markets.

Sales across the group rose 3.8% globally year-on-year with Spanish carmaker Seat performing strongly with a 6.4% rise in sales to 335,000, partly helped by the launch of product over the previous few months.

Operating profits at Volkswagen Commercial Vehicles rose 14% to €345,000.