RCI Bank, the motor finance arm of car maker Renault Group, generated €10.4bn (£9.3bn) in new financing in the first half of the year, according to its results.

The captive finance house saw year-on-year new financing growth of 16.7%, and increased its overall average product assets to €38.6bn in the first half of 2017, a rise of 20.9% compared with same period in 2016.

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The number of overall contracts held by RCI Bank rose by 14.6% year-on-year to 883,000 in the first half of this year. RCI said growth in the European market was a key driver of the increase, with new vehicle contracts growing by 9.5% year-on-year.

Used vehicle financing also experienced an increase, with RCI recording a 16.7% year-on-year increase to 158,000 in the first half of the year.

RCI Bank’s finance penetration increased in each region, the largest growth coming from the Asia-Pacific, showing an increase to 58.6% in the first half of 2017.

By brand, Renault Samsung Motors, the South Korean-based subsidiary of Renault Group, saw the greatest increase in penetration rate, growing by 6.9% year-on-year in the first six month of the year.

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In the group as a whole, registrations increased by 10.4% to 1.88m units in the first half of this year. Renault Group’s revenues increased by 17.3% to €29.5bn, and operating income rose to 1.79bn, a 21.2% increase from the first half of 2016.

Sales financing contributed €525m to Renault Group’s operating margin, up from €420m in the first half of 2016.

Carlos Ghosn, chairman and chief executive officer of Renault, said: “These results are due to our product range renewal plan, our geographic expansion and the commitment of all of our employees.

“This achievement puts us on solid ground for the implementation of our next strategic plan ad allows us to confirm our guidance for the year.”