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C » Topics » North America Consumer Finance

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.

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