US bankauto loan balances fell consecutively by 2.5% in the third quarter, in line with our forecast for 2022.
The balance fell 1.1% year-on-year to $23.2 billion, according to the earnings call.
The bank doesn’t disclose auto-specific credit performance metrics, but the percentage of loans that are 30 to 89 days past due increased by 2 basis points.s The $60.1 billion other retail sector was flat at 0.41% year-over-year, with auto loans accounting for 39% of that, according to the earnings call.
Other retail loans past due 90 days or more accounted for 0.11% in the third quarter, up 1 bps quarter-on-quarter and flat year-on-year.
According to the presentation, net charge-offs across the Bank’s other retail segment were 0.18%, up 7 bps sequentially and up 5 bps year-over-year. Other retail loan loss reserves totaled $1.0 billion, representing 1.6% of outstandings.
Meanwhile, banks continue to see strong momentum in real-time payment transactions, with transactions up 17x this year through September 30 compared to the full year 2020, CEO Andrew Cecere said today. I mentioned it in my earnings report. bank in august Start real-time payment For car dealers.
“After a long-term contract is signed, we provide immediate loan funding. I’m sorry,” Cecere said by phone.
The proportion of loans sold through banks’ digital channels also increased from 45% in early 2020 to 62% in Q3, according to the presentation.
US Bancorp stock [NYSE: USB] At today’s market close, it was trading at $42.64, down 2.83%. The bank’s market capitalization is $63.4 billion.
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https://www.autofinancenews.net/allposts/earnings/us-bank-auto-book-shrinks-in-q3/ U.S. Bank Autobook Shrinks in Q3