PNC Financial Services Group Inc. grew its auto outstandings by 11% year over year, the company disclosed in its fourth quarter earnings report.
The Pittsburgh-based bank grew its auto portfolio to $12.38 billion in the fourth quarter up from $11.15 billion during the same period prior.
Following industry trends, PNC saw an increase in delinquencies, but as a percentage of overall outstandings, the bank remained below industry averages.
Delinquencies 30 days or more past due increased to 0.41% as a percentage of total auto outstandings up from 0.37% during the same period the year prior. Similarly, 60 day delinquencies are now up to 0.10% from 0.09% in 2015.
Average consumer lending balances increased $300 million due in large part to gains in the company’s auto portfolio, as well as residential mortgage and credit card loans, PNC stated in a press release.
