Auto loans and leases drive J P Morgan

J P Morgan Chase & Co. has seen double-digit growth in auto loan and lease origination volumes according to a recent earnings release.

Overall, loan and lease originations hit $9.6 billion, up 32% year over year in the first quarter of 2016. On the quarterly basis, the originations volume was up 4%, compared to Q4 2015.

The company cited the increase in auto lease revenue specifically as a “key driver” for the bank’s overall revenue growth.

Chase’s revenue totaled $11.1 billion in the first quarter of 2016, up 4% year-on-year, also driven by loan and deposit growth, the company said.

“We delivered solid results this quarter with strong underlying drivers,” Jamie Dimon, chairman and chief executive, said. “As we build for the future, we are continuously innovating and investing to succeed. We are strengthening the firm to withstand any environment and to maintain scale and profitability through the cycle.”

The bank’s captive arm announced a partnership with luxury car manufacturer Maserati last week, which will see it provide retail financing and leasing to more than a hundred of dealerships across the US. The lender already has relationships with Land Rover Financial Group, Jaguar Financial Group, Mazda Capital Services and Enterprise Auto Finance.