JP Morgan Chase‘s auto portfolio had a good first quarter.
Average auto loans and originations were up both year-over-year and for the quarter at JP Morgan Chase, according to the company’s first-quarter earnings released today.
Auto originations increased to $7.3 billion, up 9% from the same time a year prior’s $6.7 billion, and up 6% from the fourth quarter of 2014, when originations stood at $6.9 billion. The company’s average auto loans outstanding stood at $55 billion at the end of 1Q, up 4% from $52.7 billion at the same time last year, and up 1% from 4Q14’s $53.6 billion.
All this origination and portfolio growth came as JP Morgan’s 30+ day delinquencies dropped to 0.90% from 0.92% in the same quarter last year. In recent quarters, JPM’s 30-day auto delinquency rate peaked at 1.23% in the last quarter of 2014.
The company’s auto net charge-off rate was 0.38%, down from 0.45% in the previous quarter, but up slightly from 0.32% at the same time a year ago.
JPM does not break down its allowance for loan losses for just auto credits, but rather lumps them with student loans. That allowance was down to $724 million last quarter, compared to $904 million in the first quarter of 2014.
