This excerpt taken from the C 8-K filed Apr 15, 2005.
North America Consumer Finance
Revenues increased slightly as an 8% increase in average loans was offset by a 46 basis point decline in net interest margin. Spread compression was due to increased risk-based pricing and the repositioning of portfolios toward higher credit quality.
Income growth reflects lower expenses, primarily due to Washington Mutual integration efficiencies, as well as lower credit costs. The net credit loss rate improved 39 basis points to 2.40%.
Investment in branch expansion continued with the opening of 27 new branches in Mexico.