JP Morgan Chase & Co. reported double-digit growth in auto loan and lease origination volume this morning.
Overall, loan and lease originations hit 9.6 billion, up 32% year over year in the first quarter of 2016. On the quarterly basis, the originations volume was up 4%, compared to 4Q15.
The growth in auto lease revenue specifically was a “key driver” for the bank’s overall revenue growth, the company said in the earnings release. Chase’s revenue totaled $11.1 billion in 1Q16, up 4% YoY, also driven by loan and deposit growth, the company said.
“We delivered solid results this quarter with strong underlying drivers,” Jamie Dimon, chairman and chief executive, said in the release. “As we build for the future, we are continuously innovating and investing to succeed. We are strengthening the firm to withstand any environment and to maintain scale and profitability through the cycle.”
Last week, the bank partnered with luxury car-maker Maserati to provide retail financing and leasing to more than a hundred of dealerships across the U.S., adding Maserati Capital USA to the roster of private-label OEM partnerships that include Land Rover Financial Group, Jaguar Financial Group, Mazda Capital Services, and Enterprise Auto Finance.
