PNC Financial Services Group will keep its risk appetite unchanged as it signs more dealers in the southeastern U.S., company executives said during an earnings call yesterday.
“We’ve expanded a lot of our dealer networks across geographies, particularly in the Southeast, and we’re seeing growth there,” said Chief Financial Officer Robert Reilly, according to a transcript on Seeking Alpha.com. “So we still see growth, maybe just not at the historical run rate.”
PNC added 400 branches in the southeast to its footprint when it bought the American retail banking business of Royal Bank of Canada back in 2011.
PNC has seen “significant growth” in its auto portfolio, though “we are starting to see longer tenures and some pricing contraction, which we’re cautious about” Reilly said.
Still, the bank foresees growth this year because auto and manufacturing numbers are strong, he added.
The bank had $10.8 billion in consumer auto loans on its books at the end of 2013, up from $8.7 billion at yearend 2012.
