Santander Consumer USA (SC) Tops Q3 EPS by $1.06

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Go back to Santander Consumer USA (SC) Tops Q3 EPS by $1.06

Santander Consumer USA Holdings Inc. Reports Third Quarter 2020 Results

October 28, 2020 6:15 AM EDT

DALLAS, Oct. 28, 2020 /PRNewswire/ -- Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC" or the "Company") today announced net income for the third quarter ended September 30, 2020 ("Q3 2020") of $490 million, or $1.58 per diluted common share. The quarter included $46 million of net charge-offs and $293 million of incremental allowance for credit loss primarily driven by balance growth.

On September 30, 2020, the Federal Reserve Board ("FRB") extended to the fourth quarter its interim policy applicable to all CCAR banks prohibiting share repurchases and limiting dividends to average trailing net income. Although SC's standalone income is... More