Ford Credit Britain, part of FCE Bank plc,
reported pre-tax profits of £223m last month.

Although pre-tax profits dropped by £77m compared
with 2008, the funder’s 2009 report describes it as a “creditable”
performance.

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However, it also showed a decrease in sales of new
and used car lease contracts in 2009, dropping to 493,000, from
640,000 in 2008.

The focus in 2009 was on financing Ford and Volvo
vehicles in 2009, with Jaguar, Land Rover and Mazda moving to other
finance sources. The transfers, along with the impact of lower
vehicle industry sales during the recession, and the planned
reduction in exposure to the rental and business sectors,
contributed to a £3.9bn decrease on Ford’s balance sheet.

A statement in the report reads: “Despite the
challenges of the credit crisis, FCE has successfully funded its
business and continues to support the sale of Ford vehicles. FCE
has accomplished this by reducing underlying retail receivables,
using the company’s committed liquidity programmes, and European
Central Bank funding, applying consistent risk management
practices, and restructuring its business to maintain a competitive
cost structure.”

Meanwhile, Ford’s first-quarter success globally
has been partly attributed to a growth in profits at Ford
Credit.

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The financing arm of the international car giant
enjoyed a pre-tax operating profit of $828m (£551.6m), representing
a rise of $864m from the first quarter of 2009.

Ford Credit saw pre-tax losses of $36m in the same
period a year previously.

Ford President and CEO Alan Mulally said: “The
Ford team around the world achieved another very solid quarter, and
we are delivering profitable growth.”