Fifth Third Bancorp may have seen a slight decline in its auto portfolio in the first quarter, but the bank is more focused on its credit profile than on growth, Executive Vice President and Chief Financial Officer Tayfun Tuzun said during the company’s earnings call last week.
“We’re still very mindful about returns,” Tuzun said. “We’re focusing on maintaining the credit profile that is commensurate with the returns.” Although the bank reported a 1% year-over-year decline in its consumer auto loans, which stood at $11.9 billion as of March 31, down from $12 billion in 1Q14, its credit profile “continues to be great,” Senior Vice President and Treasurer James C. Leonard added.
Average credit scores were 750, Leonard said, while the average loan term was 69 months, with a 48%/52% split of new and used cars for the quarter.
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