DEARBORN, Mich. — Describing first-quarter results, Mike Bannister, chairman and chief executive officer of Ford Credit, said net income was bolstered in part by improvements in the used-vehicle auction markets.

The company witnessed lower depreciation expense for leased vehicles thanks to higher auction values and a lower provision for credit losses, offset somewhat by lower volume.

Specifically, the company reported net income of $528 million, which is up $541 million from a net loss of $13 million posted a year prior.

On a pre-tax basis, the company earned $828 million, compared with $36 million.

While Ford Credit's CEO appeared positive, he did caution that the economy remains uncertain.

"Ford Credit had strong first-quarter results, in part due to improvements in the used-vehicle auction markets," he explained. "Economic conditions are still uncertain, and as always, we will utilize the solid business practices and superior servicing that remain the foundation of our company."

The company expects full year profits to come in at about the same level as 2009. Officials noted that the recent upswing in auction values and credit loss performance are anticipated to help offset the effects of lower receivables and the non-recurrence of certain favorable 2009 factors.

On March 31, the company's on-balance sheet net receivables came in at $88 billion, down from $93 billion at the end of 2009.

Managed receivables were $90 billion as of March 31, down from $95 billion as of the end of December last year.

Officials attributed part of downswing to the transition of Jaguar, Land Rover, Mazda and Volvo financing to other providers, as well as lower industry and financing volumes in 2009 and 2010 when compared to previous years.

In general, leasing came in at $988 million, compared with about $1.4 billion in 2009. Meanwhile, retail was $624 million, as opposed to $756 million.

Wholesale brought in $225 million, compared with $291 million a year ago.

Total financing revenue was $2.7 billion, compared with $3.4 billion in the same quarter of 2009.

Ford Credit's debt level stood at $94 billion, compared with $96 billion in the same point last year. Total assets for the financial provider are at $115.5 billion, compared with $117.3 billion.