While PNC Bank saw growth in auto finance last quarter, that growth was slowed because of declining credit quality.
“It jumped in the quarter and that’s largely a categorical anomaly,” said Robert Q. Reilly, the bank’s executive vice president and chief operating officer, told analysts during the bank’s recent earnings call. “Most of the jump relates actually to a commercial customer where the underlying collateral is our consumer assets, a captive credit arm of a large domestic manufacturer. So, if you take that out, the auto growth has been in the 1% range for the third quarter in direct and we would expect to sort of remain in that area.”
PNC Bank saw its indirect auto business rise to almost $9.2 billion last quarter, up from $9.1 billion in the second quarter.
