NASHVILLE, Tenn., April 25, 2024 /CNW/ -- Cat Financial reported first-quarter 2024 revenues of $853 million, an increase of $85 million, or 11%, compared with $768 million in the first quarter of 2023. The increase in revenues was primarily due to a $69 million favorable impact from higher average financing rates and a $32 million favorable impact from higher average earning assets. First-quarter 2024 profit was $169 million, an increase of $20 million, or 13%, compared with $149 million in the first quarter of 2023. First-quarter 2024 profit before income taxes was $229 million, an increase of $25 million, or 12%, compared with $204 million in the first quarter of 2023. The increase was mainly due to a $33 million insurance settlement, a $14 million favorable impact from higher average earning assets and a $12 million favorable impact from currency exchange. These favorable impacts were partially offset by a $21 million increase in GO&A expenses and $17 million unfavorable impact from returned or repossessed equipment. The provision for income taxes reflected an estimated annual tax rate of 26% for both the first quarter of 2024 and 2023. During the first quarter of 2024, retail new business volume was $2.74 billion, an increase of $278 million, or 11%, compared with $2.46 billion in the first quarter of 2023. The increase was primarily driven by higher volume in North America. At the end of the first quarter of 2024, past dues at Cat Financial were 1.78%, compared with 2.00% at the end of the first quarter of 2023. Write-offs, net of recoveries, were $55 million for the first quarter of 2024, compared with $10 million for the first quarter of 2023. As of March 31, 2024, Cat Financial's allowance for credit losses totaled $281 million, or 1.01% of finance receivables, compared with $331 million, or 1.18% of finance receivables at December 31, 2023. "The Cat Financial team remains focused on execution of our strategy and supporting Caterpillar customers and dealers with financial services solutions," said Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc. "Past dues remain at historically ...