FCA Bank, the financial arm of Fiat Chrysler Automobiles (FCA) posted net profits of €383m for the full year of 2017, up 23% compared to 2016.

Over the same period, operating income for the year reached €534m.

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The company said the growth came from an increase of the outstanding portfolio to nearly €24bn, up from €20.8bn in 2016.

Total new financing volumes for the year amounted to €12.1bn, with a penetration rate of 44% for new car registrations.

Giacomo Carelli, chief executive officer of FCA Bank said: “FCA Bank continued to executive the growth and diversification strategy undertaken when it turned into a bank in 2015: Strengthening its presence in the 18 countries in which it operates, remaining on track with the ambitious digitalization plan for its services and launching the new mobility solutions of its Leasys subsidiary in the 7 main European markets.”

FCA Bank renews JLR European agreement

FCA Bank, the financial arm of Fiat Chrysler Automobiles (FCA), has renewed its partnership with Jaguar Land Rover (JLR) to provide funding in eight mainland European markets.

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The contract covers the funding of vehicles for the franchise dealer networks.

It will also see FCA bank provide a full range of point of sales finance, leasing and insurance products for end use customers.

Giacomo Carelli, chief executive officer of FCA Bank said: “I am delighted that we are further extending our contract with Jaguar Land Rover. We have worked successfully together in Europe since 2009 and the Jaguar Land Rover relationship is highly valued by all of us. We remain fully committed to supporting Jaguar Land Rover achieve its ambitious growth plans during this renewed period of our association, through innovative and competitive financial services and mobility solutions”.

In the UK, finance for JLR is provided by Black Horse.

FCA Bank is an equally held joint venture between FCA Italy and Crédit Agricole Consumer Finance (a subsidiary of Credit Agricole S.A.)