SunTrust grows loan portfolio as merger with BB&T awaits DOJ approval 

SunTrust Banks’ indirect and direct consumer portfolios increased by double digits as the bank continues to aim for a fourth-quarter closing of its merger with BB&T Bank, SunTrust Chief Financial Officer Allison Dukes said during the bank’s earnings call last week.  However, regulatory approvals are “moving at their own pace,” said BB&T Chief Executive Kelly […]

• Nicole Casperson
• October 21, 2019
• Earnings

FASB extends accounting deadline — for some

Smaller banks and credit unions now have until 2024 to comply with the Financial Accounting Standards Board’s new credit loss accounting rule. The standard, called Current Expected Credit Losses — or CECL, for short — requires lenders to record expected future losses as soon as loans are originated. The board voted yesterday to extend the […]

• Marcie Belles
• October 18, 2019
• Compliance & Regulation, Credit Performance, Earnings

Earnings roundup: Ally, Chase, US Bank boost auto originations in 3Q

Ally Financial, Chase Auto, and U.S. Bank Dealer Services all grew origination volumes in the third quarter despite a mixed environment for delinquencies and charge-offs. Ally Financial  Third-quarter originations at Ally climbed 14% year over year to $9.3 billion of auto loans and leases compared with $8.1 billion in the prior-year period. Ally’s originations were […]

• Nicole Casperson
• October 16, 2019
• Earnings, Sales & Marketing

Wells Fargo Auto originations climb 45% YOY

Origination volume for Wells Fargo Auto is on a growth trajectory, as the bank reported a 45% year over year increase to $6.9 billion in the third quarter, according to earnings released today. Third quarter originations are up 9% from a two-year high recorded last quarter.  The jump in origination volume is a reflection of […]

• Nicole Casperson
• October 15, 2019
• Earnings, Sales & Marketing

Honda Finance injects $1B into ABS market

Loans in American Honda Finance Corp.‘s latest securitization have the shortest original and remaining terms when compared with other issuers’ pools, according to a Moody’s Investor Services presale report. The $1.1 billion securitization is on track to be upsized to $1.3 billion based on investor demand. Read more: American Honda Finance Dodges Class-Action Lawsuit The loans backing […]

• Joey Pizzolato
• August 19, 2019
• Capital Markets, Credit Performance, Earnings

Ally sets record with used-car volume

Used-car loan originations hit $5.24 billion at Ally Financial in the second quarter, the highest level ever for the lender. Ally initially surpassed the $5-billion mark for used-car volume in the first quarter, notching $5.15 billion in originations. Used volume has been on an upward trajectory at Ally since the third quarter of 2017. “We […]

• Marcie Belles
• August 15, 2019
• Earnings, Sales & Marketing

HyreCar adds dealers to boost 2Q revenue, cut losses

HyreCar has been focused on expanding commercial accounts — which include auto dealers and fleet managers — to boost revenue and cut net losses in the second quarter. HyreCar, a mobility-as-a-service carsharing marketplace, closed out the quarter with 170 commercial accounts, up 49% year over year. Those accounts provided 2,300 vehicles to the platform, compared […]

• Joey Pizzolato
• August 15, 2019
• Earnings, Innovation & Technology, Sales & Marketing

Losses widen for rideshare giants in 2Q

Both Uber and Lyft continue to struggle to become profitable enterprises, according to second-quarter earnings reports filed by the two companies last week. Lyft’s losses more than tripled in the quarter to $644.2 million, despite increases in revenue and ridership. Revenues shot up 72% to $867.2 million, while active riders increased 41% to 21.8 million. […]

• Joey Pizzolato
• August 12, 2019
• Capital Markets, Earnings