Luxury vehicle financer BMW Australia Finance reported a 17 per cent increase in net profit to $65 million for calendar year 2007, bucking the trend of struggling competitors such as FCA Holdings (formerly Ford Credit Australia).In an environment of rising rates and petrol costs, total receivables grew 16 per cent to $4.2 billion, pushing the Group's total assets to $4.4 billion.Retail receivables less than three months account for twelve per cent of the maturity distribution, with three to twelve months 29 per cent and one to five years 59 per cent.Bad debts written off decreased considerably to $13 million from $20 million a year earlier, with total provisions for doubtful debts increasing slightly to $58 million.Interest bearing liabilities increased a quarter over the year to $3.4 billion, due to unsecured lending owing to the parent being extended to $753 million, up from $50 million in 2006.Interest revenue increased 16 per cent to $330 million, with interest expense rising a fifth to $186 million. Net interest revenue therefore increased eleven per cent to $144 million.Securitisation facilities were extended during the period from $300 million to $500 million, and at reporting date the Group held $484 million in a securitisation agreement consisting of commercial hire purchase contract receivables.The original $300 million facility was entered into in 2004.BMW Financial Services New Zealand was acquired in March for $22.7 million, along with the funding of an intercompany loan for $165.5 million - subsequently funded by issuing 6.75 million ordinary shares at $28.Principal activities for the year were the provision of retail and wholesale financing facilities for prestige vehicles - in the form of hire purchase, finance and operating leasing, dealer floor plan, mortgage finance and insurance premium finance.