Banque PSA, the PSA group’s finance arm, grew its revenues 5% during 2017, to €1.47bn (£1.3bn).

Profits increased by 10.6%, reaching €571m, over the same period.

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New vehicle financing volumes reached 618,422 worldwide, a growth of 4.3%. In contrast, volumes for new cars in the UK plummeted by 21%, to 62,000 vehicles, against 2016’s 81,500.

The results included two months’ worth of income from Opel Vauxhall Finance (OVF), which Banque PSA jointly acquired with BNP Paribas in the latter half of last year.

Banque PSA said the portfolio book for OVF had reached €9.2bn at the end of 2017. After the acquisition, Banque PSA said OVF would expand operations to Spain, as well as rolling out all-inclusive propositions, bundling leasing, insurance and servicing, across all markets.

Additionally, the group said OVF would start offering full-service leasing in the “financially attractive” commercial vehicle segment in Germany in 2018, and would also launch B2B products in other European markets including the UK.

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“Opel Vauxhall has the clear goal to increase its light commercial vehicle sales by 25% by 2020 against 2017, and attractive finance products for commercial customers are key to accomplishing this  target,” said the company.

Banque PSA chief executive officer Rémy Bayle added: “For Opel and Vauxhall, financing activities are an essential lever that contributes to the sales performance of 1,800 dealers in eight major European countries.

“These financing activities will bring a strong support to the … growth plan for
Opel and Vauxhall brands.”

The wider PSA group reported a 20.7% growth in income, to €65.2bn. Profits grew 9.7% to €217m.

Carlos Tavares, chairman of Groupe PSA, said: “Peugeot Citroen DS’s outstanding results, making significant progress for the fourth year in a row, are the proof of our ability to deliver a profitable and sustainable growth.

“Our agile, customer focused and socially responsible approach is making the difference. The acquisition of Opel Vauxhall is a great opportunity to boost value creation.”