Caterpillar Financial Services' net income for the last three months of 2012 clocked in at $99 million, up 4 percent from the year before. Keeping a lid on further gains from more lending and lower expenses was a $17 million jump in the loan loss provision and $12 million of returned or repossessed equipment.
New retail financing in the fourth quarter of 2012 was $3.85 billion, an increase of $840 million, or 28 percent, from the fourth quarter of 2011. The increase was a result of growth across all operating segments, with the largest increases occurring in our North America, Europe and Caterpillar Power Finance and Latin America operating segments.
Caterpillar Financial Services on Wednesday reported second-quarter 2012 revenues of $668 million, a decrease of $7 million, or 1 percent, compared with numbers for the second quarter of 2011. Second-quarter 2012 profit after tax was $104 million, a $3 million, or 3 percent, decrease from the second quarter of 2011.
The decrease in revenues was principally due to a $28 million unfavorable impact from lower rates on new and existing finance receivables and operating leases and $9 million lower net gains from returned or repossessed equipment, partially offset by a $33 million favorable impact from higher average earning assets (finance receivables and operating leases at constant rates).
Profit before income taxes was $144 million for Q2, compared to $152 million for Q2 2011.
Cat Financial is a wholly owned subsidiary of Caterpillar Inc.
"We are so thrilled to have Kent and David joining the board," said Bert Mathews, president of the Mathews Co. and the Chamber's board chairman. "Each of their unique skill sets and experiences will be a great asset to the Chamber."Retiring members of the Chamber's 2009-2010 board include Ramon Cisneros, president and CEO of La Campana; Marcela Gomez, president of Diversity Brands/Hispanic Marketing Group; and Ellen Leifeld, former publisher and president of The Tennessean.