PNC Financial Group reported that its consumer auto loan portfolio grew to $11 billion, up slightly from last quarter’s $10.9 billion. On the indirect side, the bank saw auto loans grow to $9 billion, up from $8.9 billion.
PNC Chairman and President Bill Demchak said in the company’s earnings call today that the bank expects the slowed growth in auto to continue as tenders and LTVs on car loans continue to worsen. But he also said the bank was making good loans, and that, as a whole, the industry is back to pre-crisis levels. He also said that, until recently, PNC was under-penetrated in auto.
