Wells Fargo & Co.’s fourth-quarter auto loan originations shot up 26% year over year, to $6.8 billion, pushing up the bank’s retail portfolio to $50.8 billion as of Dec. 31, 2013. Meanwhile, the volume of commercial loans outstanding rose 14%, as dealers increased utilization rates amid higher car sales and the lender inked new relationships.
During the bank’s earnings call, CFO Tim Sloan said the strong growth reflects the increase in sales and the benefit of the bank’s partnership with GM.
At yearend 2013, loans 30-or-more days past comprised 2.13% of the portfolio, an increase of 31 basis points from yearend 2012. Chargeoffs declined in the comparable period, falling to 0.87% from 0.93%.
Overall, Wells Fargo grew its YOY net income 16% to $21.9 billion.
