Delinquencies Rise at PNC Amid Continued Impact From Hurricanes

  • Matthew Wood
  • January 12, 2018
  • 0
PNC Bank
PNC Bank

Photo via Mr. Blue MauMau / Flickr

PNC Financial Services Group Inc. reported a rise in delinquencies in the fourth quarter due to typical seasonality and continued residual impact from the hurricanes, the company reported in earnings today.

Auto loans 30 to 59 days past due rose 55% year-over-year to $79 million, according to the report.

Additionally, accruing loans 60 to 89 days past due increased 66% in the fourth quarter to $20 million as compared to the same time last year. Loans 90 days or more past due increased by $3 million year over year to a total of $8 million, according to the report.

Unsurprisingly, rising delinquencies continues a trend seen in the third quarter, in which the Pittsburgh-based bank reported the hurricanes had a “moderate impact” on losses.

Meanwhile, PNC saw auto outstandings increase 4% year-over-year to over $12.8 billion. PNC was the 21st largest auto lender in the U.S. in 2016 with a portfolio of $12.3 billion, according to Big Wheels Auto Finance 2017.

 

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