Auto Loan Company Shows Increase

According to their financial records, Sovereign Bancorp, Inc. – which is the parent company of Sovereign Bank – had a net income for the first quarter of this year. They are showing an income of $48.1 million, and included net charges related to their restructuring.

Their operating earnings for EPS were $180 million, which is an increase from the $155 million that they were a year ago. The company’s CEO and President, Joseph Campanelli, said that they have made changes that were beneficial to the company, and that they were right on track for where they thought they would be for their cost cutting goals.

Capanelli said that although they are looking to increase the level of service that they have been showing their auto loan customers, they will do so in a way that will continue to help the company grow and prosper. He said that credit quality remained within the “expected tolerance” and that their consumer loan increase in growth was holding strong.

Sovereign Bank handles residential mortgage loans, multi family loans, home equity loans, auto loans, and commercial loans. Their auto loan growth was substantial this year, and they plan on having it increase each year from where it was the year before. They also had quite a bit of non-interest income which increased as well, things like consumer banking fees and portfolios.

Back to April Index