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US consumer loans, delinquencies keep climbing YOY in Q1'18

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US consumer loans, delinquencies keep climbing YOY in Q1'18

Consumer loans at U.S. banks and thrifts increased year over year for the 23rd quarter in a row, gaining 5.8% to $1.635 trillion as of March 31.

Credit card loans jumped 7.5% to $901.69 billion, and auto loans gained 0.1% to $450.22 billion.

Consumer delinquencies also increased year over year for the eighth consecutive quarter to 2.28% as of March 31, up 11 basis points from a year earlier. Auto and credit card delinquencies gained 26 basis points and 13 basis points year over year to 2.10% and 2.43%, respectively. As of March 31, delinquent consumer loans accounted for 21.2% of total delinquent loans and leases, compared to 18.0% in the year-ago quarter.

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Consumer loans at Goldman Sachs Group Inc. grew by 89.5% over the last year, the highest growth rate among banks and thrifts with more than $1 billion in consumer loans. Consumer loans, however, still account for only 4.4% of the company's total loans and leases.

During the company's first-quarter earnings call, R. Martin Chavez, CFO at Goldman Sachs, said the company's "Marcus" consumer platform has originated $3 billion in consumer loans since it launched in late 2016.

Santander Holdings USA Inc.'s 14.38% consumer loan delinquency ratio led the industry again this quarter even as the company reported a 28-basis-point improvement year over year. Santander had $28.48 billion in consumer loans as of March 31, representing about 35% of its total portfolio.

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S&P Global compiles consumer data based on loans reported in call reports and Form Y-9s. Click here to see the aggregated data for commercial banks.

For other Data Dispatches on loan growth in the first quarter, click here for a look at community banks and here for an analysis of larger institutions.