BB&T Reports Decline in Automotive Income Featured
20 April 2017
Dealer Financial Services, the auto credit and floor-planning arm of BB&T Corp., reported lower net income in the first quarter.Dealer Financial Services net income was $29 million for the first quarter, a decrease of $12 million compared to the prior quarter. Results were driven by a slight decrease in segment net interest income primarily due to a decline in credit spreads on loans as well as fewer days in the current quarter. Also, the allocated provision for credit losses increased primarily due to increased net charge-offs in the Regional Acceptance loan portfolio and higher loss severity trends.