JP Morgan Chase & Co. reported yearend, double-digit growth in auto origination volume today.
Combined, loan and lease originations hit $9.2 billion in the fourth quarter of 2015, up 14% from the previous quarter, and up 33% from a year ago.
“The businesses generated strong loan growth and credit quality, except for some stress in energy. The consumer business continues to gather deposits, outpacing the industry,” Chief Executive Jamie Dimon said in a company release.
The fixed operating costs for the banking giant were up 4% in the quarter, which was driven partly by higher auto lease depreciation, according to the release.
“We continue to grow with the industry,” Bruce Jackson, head of retail lending auto finance at JPMorgan, told Auto Finance News in a previous interview discussing the bank’s priorities in auto. “Everything we’re doing now is driven by the industry and external factors because I think internally we’ve done what we’ve needed to do. So now our investment dollars, our efforts, and our resources are towards where the industry is headed, which I think is digital.”
Chase was the first large, U.S. bank to disclose earnings since the interest rate hike, and reported overall earnings of $5.4 billion, with $1.32 earnings per share.
