trending Market Intelligence /marketintelligence/en/news-insights/trending/hBQ97kA8M38XPJDgsSIXHw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Santander Consumer USA posts lower Q1 net income YOY

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Santander Consumer USA posts lower Q1 net income YOY

on April 27 reported first-quarter net income of $200.7 million, or 56 cents pershare, down from $246.3 million, or 69 cents per share, in the year-ago period.

Excludingan impairment on intangible assets, adjusted net income for the first quarter was$213.4 million, or 59 cents per share.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was 56 cents.

Totaloriginations were $6.78 billion in the first quarter, compared to $7.35 billionin the year-ago quarter.

Net finance and other interest incomeincreased 11% year over year to $1.27 billion from $1.15 billion, driven by 13%growth in the average portfolio. Provision for credit losses increased to $706.6million in the first quarter, from $674.7 million in the prior-year period.

Net investment losses were $73.2 millionin the first quarter, compared to net investment gains of $21.2 million in the firstquarter of 2015. The current period losses were primarily driven by $68 millionof lower of cost or market adjustments related to the held for sale personal lendingportfolio, including $101 million in customer default activity offset by a $33 millionbenefit from change in market discount.

Net charge-off ratio increased to 8.1%from 6.7% in the year-ago period. The company's delinquency ratio on loans heldfor investment was 3.1% at the end of the first quarter, compared to 3.2% at theend of the year-ago quarter.