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The red-hot auto market, which shows few signs of slowing down after a year in which prices soared, continues to serve as a rare source of loan growth for U.S. banks.
Ally Financial, one of the nation’s largest auto lenders, reported a record $1.55 billion in net financing revenue during the second quarter. It also made decisions on 3.5 million loan applications for the first time.
More diversified banks also benefited last quarter from the auto boom. At JPMorgan Chase, auto originations jumped by 61% year-over-year to a record $12.4 billion. Fifth Third Bancorp and U.S. Bancorp also reported strong performances in car loans.
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