PNC Financial Services Group Inc. reported a “moderate impact” on auto delinquencies in the third quarter due to the recent hurricanes, according to the bank’s earnings call today.
Auto loans 30 to 59 days past due rose 87% to $71 million from the same time the year prior. The increase was primarily due to higher delinquencies in the auto, home equity, and credit card portfolios in hurricane-affected states, the company reported in earnings.
Additionally, accruing loans 60 to 89 days past due increased 45% year over year to $16 million in the third quarter, also due — in part — to hurricane-affected states. Loans 90 days or more past due increased by $1 million year over year to a total of $5 million, according to the report.
Meanwhile, the Pittsburgh-based bank saw auto outstandings increase 10% year-over-year to over $12.4 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.
For more content like this, check out the 17th annual Auto Finance Summit, which will take place on Oct. 25-27 at the Wynn Las Vegas. To learn more about this year’s event — or to register — visit the Summit’s homepage here.Like This Post