Credit Agricole’s specialised financial services (SFS) division has grown its net income by 22% in 2017, totalling €1.1bn.

Profits for the division, which includes consumer and asset finance as well as insurance operations, were pushed up by a 2.8% increase in revenues, which totalled €2.7bn.

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New leasing business grew 4.4%, thanks to Polish leasing subsidiary ELF and lending in renewables equipment.

Results for the division did not include Calit, Credit Agricole’s leasing unit in Italy, which was transferred to CA subsidiary Cariparma in January 2017, falling under the retail banking division.

The wider Credit Agricole group saw revenue growth of 2.3%, to €32bn. Net profits grew almost 10% to €7bn, which were impacted by a tax surcharge of €600m.

The group said: “These results reflect strong business momentum in the group’s various components – retail banks, specialised businesses and the large customers business line – coupled with tight cost control, enabling the Group to invest in new business activities.”

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Dominique Lefebvre, chairman of the board of directors, said: “The Credit Agricole group, with the quality of its results, once again demonstrates the relevance of its business model, which knows how to take advantage of its unity, but also the diversity of its skills at the service of its customers and the financing of the economy which it is the leader in France.”