NASHVILLE, TENNESSEE., October 27, 2022 /PRNewswire/ — Cat Financial reported third quarter 2022 revenue of $690 millionAn increase of $56 millionor 9%, compared to $634 million in the third quarter of 2021. Profit in the third quarter of 2022 was $131 millionAn increase of 30 million dollarsor 30% compared to $101 million in the third quarter of 2021. The increase in sales was mainly due to a $63 million positive effect of higher average financing rates.
Income before income taxes for the third quarter of 2022 was $188 millionAn increase of $57 millionor 44% compared to $131 million in the third quarter of 2021. The increase mainly results from a $75 million Favorable impact of lower provision for loan losses, partially offset by a 25 million dollars Impact of mark-to-market adjustments on derivative contracts.
The provision for income taxes reflected an estimated annual tax rate of 27% in the third quarter of 2022 compared to 24% in the third quarter of 2021.
In the third quarter of 2022, the volume of new retail business was $2.73 billiona drop from $617 millionor 18% compared to the third quarter of 2021. The decrease was due to lower volume in all segments except for an increase in Latin America.
At the end of Q3 2022, past due fees were 2.00% compared to 2.41% at the end of Q3 2021. Past due fees decreased across all of our portfolio segments, with one exception being an increase Latin America. Depreciation less recoveries were 13 million dollars for the third quarter of 2022, compared to $76 million for the third quarter of 2021. Status 09/30/2022was the allowance for loan losses $339 millionor 1.30% of financial receivables, compared to $376 millionor 1.41% of the financial claims June 30, 2022. The allowance for loan losses at year-end 2021 was $337 millionor 1.22% of financial receivables.
“The Cat Financial team delivered another quarter of strong results. Our portfolio continues to perform well…
