Wells Fargo Posts Record Income for 2Q12

Wells Fargo broke its record for auto originations in 2Q12 with a total of $6.6 billion, up 6% from 1Q12 and up 18% from 2Q11.

The results reflected “growth across the credit spectrum,” the lender said in its earnings report.
Those results even beat Chase Auto Finance’s second quarter results of $5.8 billion in auto originations, up 7% from the prior year and flat to 1Q12.

Core auto outstandings for Wells for 2Q12 totaled $44.8 billion, up 3% from 1Q12 and up 9% from the same time last year. Net charge-offs were down $31 million last quarter on higher recoveries and 30+ days past due increased $65 million, according to Wells.

As for its commercial portfolio, auto outstandings totaled $6.7 million, up from $6.3 million in 1Q12.