Banque PSA Finance, the captive finance arm of PSA Group, recorded recurring operating income of €571m (£482m).

This was a year-on-year rise of 11%.

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Over the same period, the penetration rate increased from 29.9% to 30.8%, and the cost off risk fell from 0.33% to 0.24%.

The number of new contracts increased by 36,147 to 767,848.

Overall, PSA Group’s revenue fell slightly – from €54,676m to €54,030m. This was credited on fluctuating exchange rates, and the group noted at constant exchange rates revenues increased 2.1%.

In terms of sales, PSA grew 3.6% year-on-year in its biggest market, Europe, to 1,930,258.

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It saw double digit growth in Latin America (up 17.1% to 183,907) and more than doubled sales in the Middle east and Africa – from 180,207 to 383,489.

News was less positive in China & South East Asia – PSA’s second largest market – where sales decreased 16% to 618,353, as well as in the Eurasia and the Inda Pacific regions.

2017 outlook

Overall, PSA said it anticipated a stable automotive market in Europe, Latin America and Russia, and growth of 5% in China.

At the start of 2017, PSA launched its online sales platform in the UK. In its results, it revealed plans to have this launched in five countries by the end of 2017.