Chase Maintains Lower Auto Originations
NEW YORK — Chase reported today that auto originations were down for the second quarter in both an annual comparison and a quarter-to-quarter review.
Auto loan originations came in at $5.3 billion, down 5 percent from $5.6 billion in the first quarter and $5.6 billion in the second quarter of the previous year.
Meanwhile, the company said average auto loans came in at $43.1 billion, up from $42.5 billion in the first quarter, but down from $44.9 billion in the second quarter of last year.
Discussing overall company results, Jamie Dimon, chief executive officer, said, "We are pleased that despite a continued difficult economic environment, we were able to report $2.7 billion in earnings and record revenue of almost $28 billion.
"Of particular note, the Investment Bank reported record overall revenue for the first half of the year, which included record fees and Fixed Income Markets' revenue for this quarter. In addition, Commercial Banking, Assets Management, Treasury and Securities Services and Retail Banking each delivered another quarter of solid performance," he continued.
However, he went on to note, "These results were negatively affected by the continued high levels of credit costs in Consumer Lending and Card Services, which we expect will remain elevated for the foreseeable future."
Looking ahead, Dimon added, "While we do not know if the economy will deteriorate further, we feel confident that without strong capital and reserve levels and significant earnings power, we can continue to reinvest in our businesses and do well for our clients, communities and shareholders over the long term."