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Wednesday, 04 August 2021 18:39

GM Financial Reports Second Quarter 2021 Operating Results

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GM announced net income of $1.2 billion for the quarter ended June 30, 2021, compared to $878 million for the quarter ended March 31, 2021, and $173 million for the quarter ended June 30, 2020.

  • Second quarter net income of $1.2 billion
  • Retail loan and operating lease originations of $15.0 billion for the second quarter
  • Earning assets of $102.7 billion at June 30, 2021
  • Available liquidity of $29.0 billion at June 30, 2021

Net income for the six months ended June 30, 2021 was $2.1 billion, compared to $340 million for the six months ended June 30, 2020.

 

Retail loan originations were $9.1 billion for the quarter ended June 30, 2021, compared to $8.2 billion for the quarter ended March 31, 2021, and $8.7 billion for the quarter ended June 30, 2020. Retail loan originations for the six months ended June 30, 2021 were $17.4 billion, compared to $15.2 billion for the six months ended June 30, 2020.

 

The outstanding balance of retail finance receivables, net of fees was $56.4 billion at June 30, 2021, compared to $51.3 billion at December 31, 2020 and $46.5 billion at June 30, 2020.

 

Operating lease originations were $5.9 billion for the quarter ended June 30, 2021, compared to $5.8 billion for the quarter ended March 31, 2021, and $3.2 billion for the quarter ended June 30, 2020.

 

Operating lease originations for the six months ended June 30, 2021 were $11.6 billion, compared to $8.2 billion for the six months ended June 30, 2020.

 

Leased vehicles, net was $40.6 billion at June 30, 2021, compared to $39.8 billion at December 31, 2020, and $39.6 billion at June 30, 2020.

 

The outstanding balance of commercial finance receivables, net of fees was $5.7 billion at June 30, 2021, compared to $9.1 billion at December 31, 2020 and $7.9 billion at June 30, 2020.

 

Retail finance receivables 31-60 days delinquent were 1.5% of the portfolio at June 30, 2021 and 2.2% at June 30, 2020.

 

Accounts more than 60 days delinquent were 0.5% of the portfolio at June 30, 2021 and 1.3% at June 30, 2020.

 

Annualized net charge-offs were 0.4% of average retail finance receivables for the quarter ended June 30, 2021 and 1.5% for the quarter ended June 30, 2020.

 

For the six months ended June 30, 2021, annualized net charge-offs were 0.6%, compared to 1.6% for the six months ended June 30, 2020.

 

The Company had total available liquidity of $29.0 billion at June 30, 2021, consisting of $4.4 billion of cash and cash equivalents, $21.1 billion of borrowing capacity on unpledged eligible assets, $0.5 billion of borrowing capacity on committed unsecured lines of credit, $1.0 billion of borrowing capacity on the Junior Subordinated Revolving Credit Facility from GM, and $2.0 billion of borrowing capacity on the GM Revolving 364-Day Credit Facility.

 

Earnings resulting from the Company's equity investment in joint ventures that conduct automotive finance operations in China were $50 million for the quarter ended June 30, 2021, compared to $54 million for the quarter ended March 31, 2021 and $42 million for the quarter ended June 30, 2020.

 

Earnings for the six months ended June 30, 2021 were $104 million, compared to $67 million for the six months ended June 30, 2020.