Opel/Vauxhall’s financial unit reported €143m (£127m) in profit and €282m in revenues for the six months to June, in the first public results since the joint acquisition by Banque PSA and BNP Paribas last year.

Banque PSA also saw a 15% year-on-year rise to €237m in profits from financing on Peugeot, Citroen and DS vehicles, for which it relies on a joint venture with Santander, next to a 5.5% increase in revenues, to €550m.

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The acquisition of Opel/Vauxhall Finance came as part of Groupe PSA’s acquisition of the German brands from General Motors last year, which pushed the French OEM past Renault as the third-biggest carmaker in Europe.

PSA subsequently unveiled plans to bring Opel/Vauxhall to profitability through an electrification strategy, and set out to renegotiate all European dealership franchise agreements. Opel/Vauxhall also saw a reshuffling in its top ranks as part of the restructuring.

For Opel/Vauxhall Finance, the turnaround strategy entailed entering new markets such as Spain and Portugal, as well as introducing new products and re-entering the B2B market. In April, it launched personal and business contract hire products in the UK.

The captive unit aims to finance every third vehicle sold under the two brands, bringing it in line with the 29%-and-growing penetration rate of other PSA brands.

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Groupe PSA reported €502m (£447m) in operating income from Opel/Vauxhall at large for the six months to June 30, reversing the brands’ loss-making trend under former parent General Motors.

The group saw revenues grow 11% to €22.1bn for its Peugeot, Citroen and DS brands, next to €9.9bn revenue for Opel/Vauxhall. Operating income for the three French brands was up 30%, to €1.8bn.

The total cost for restructuring Opel/Vauxhall was put by PSA at €406m.

PSA chairman Carlos Tavares said: “The group [has been demonstrating] since 2014 its recurring ability to level up global profitability, efficiency and volumes, despite strong headwinds. Opel/Vauxhall [has started] to deliver good results [and is] eager to unleash further potential. Our agility and strong focus on execution remain a strong asset to reach our targets.”