FORT WORTH, Texas--(BUSINESS WIRE)--GENERAL MOTORS FINANCIAL COMPANY, INC. ("GM Financial" or the
"Company") announced net income of $189 million for the quarter ended
June 30, 2016, compared to $186 million for the quarter ended June 30,
2015. Net income for the six months ended June 30, 2016 was $353
million, compared to $336 million for the six months ended June 30, 2015.
Retail loan originations were $4.2 billion for the quarter ended
June 30, 2016, compared to $4.1 billion for the quarter ended March 31,
2016, and $4.3 billion for the quarter ended June 30, 2015. Retail loan
originations for the six months ended June 30, 2016 were $8.3 billion,
compared to $8.4 billion for the six months ended June 30, 2015. The
outstanding balance of retail finance receivables was $30.9 billion at
June 30, 2016.
Operating lease originations were $6.5 billion for the quarter ended
June 30, 2016, compared to $6.8 billion for the quarter ended March 31,
2016, and $5.6 billion for the quarter ended June 30, 2015. Operating
lease originations for the six months ended June 30, 2016 were $13.3
billion, compared to $8.6 billion for the six months ended June 30,
2015. Leased vehicles, net was $28.4 billion at June 30, 2016.
The outstanding balance of commercial finance receivables was $9.4
billion at June 30, 2016 compared to $9.2 billion at March 31, 2016 and
$7.8 billion at June 30, 2015.
Retail finance receivables 31-60 days delinquent were 3.4% of the
portfolio at June 30, 2016 and 3.6% at June 30, 2015. Accounts more than
60 days delinquent were 1.5% of the portfolio at June 30, 2016 and 1.6%
at June 30, 2015.
Annualized net charge-offs were 1.7% of average retail finance
receivables for the quarter ended June 30, 2016 and 1.6% for the quarter
ended June 30, 2015. For the six months ended June 30, 2016, annualized
retail net charge-offs were 1.8%, compared to 1.7% for the six months
ended June 30, 2015.
The Company had total available liquidity of $15.4 billion at June 30,
2016, consisting of $3.1 billion of cash and cash equivalents, $10.7
billion of borrowing capacity on unpledged eligible assets, $0.6 billion
of borrowing capacity on committed unsecured lines of credit and $1.0
billion of borrowing capacity on a Junior Subordinated Revolving Credit
Facility from GM.
Additionally, earnings resulting from the Company's equity investment in
SAIC-GMAC, a joint venture that conducts auto finance operations in
China, were $37 million for the three months ended June 30, 2016
compared to $28 million for the three months ended June 30, 2015.
Earnings for the six months ended June 30, 2016 were $73 million,
compared to $56 million for the six months ended June 30, 2015.
About GM Financial
General Motors Financial Company, Inc. is the wholly-owned captive
finance subsidiary of General Motors Company and is headquartered in
Fort Worth, Texas. For more information, visit www.gmfinancial.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters
discussed in this news release include forward-looking statements which
are our current views with respect to future events and financial
performance. These forward-looking statements are subject to many
assumptions, risks and uncertainties that could cause actual results to
differ significantly from historical results or from those anticipated.
The most significant risks are detailed from time to time in our filings
and reports with the Securities and Exchange Commission, including our
annual report on Form 10-K for the year ended December 31, 2015. Such
risks include - but are not limited to - changes in general economic and
business conditions; GM's ability to sell new vehicles that we finance
in the markets we serve in North America, Latin America, China and
Europe, particularly the United Kingdom where automobile sales may be
negatively impacted due to the passage of the referendum to discontinue
membership in the European Union; interest rate and currency
fluctuations; our financial condition and liquidity, as well as future
cash flows and earnings; competition; the effect, interpretation or
application of new or existing laws, regulations, court decisions and
accounting pronouncements; the availability and cost of sources of
financing; the level of net charge-offs, delinquencies and prepayments
on the loans and leases we originate; vehicle return rates and the
residual value performance on vehicles we lease; the viability of
GM-franchised dealers that are commercial loan customers; the prices at
which used cars are sold in the wholesale markets; and changes in
business strategy, including expansion of product lines and credit risk
appetite, and acquisitions. If one or more of these risks or
uncertainties materialize, or if underlying assumptions prove incorrect,
actual events or results may differ materially. It is advisable not to
place undue reliance on any forward-looking statements. We undertake no
obligation to, and do not, publicly update or revise any forward-looking
statements, except as required by federal securities laws, whether as a
result of new information, future events or otherwise.
General Motors Financial Company, Inc.
Consolidated Statements of Income
(Unaudited, Dollars in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2016
2015
2016
2015
Revenue
Finance charge income
$
826
$
848
$
1,644
$
1,702
Leased vehicle income
1,390
599
2,574
1,030
Other income
76
68
149
137
Total revenue
2,292
1,515
4,367
2,869
Costs and expenses
Operating expenses
343
319
677
625
Leased vehicle expenses
1,068
467
1,961
794
Provision for loan losses
151
141
347
296
Interest expense
501
391
964
771
Total costs and expenses
2,063
1,318
3,949
2,486
Equity income
37
28
73
56
Income before income taxes
266
225
491
439
Income tax provision
77
39
138
103
Net income
$
189
$
186
$
353
$
336
Consolidated Balance Sheets
(Unaudited, Dollars in millions)
June 30, 2016
December 31, 2015
Assets
Cash and cash equivalents
$
3,102
$
3,061
Finance receivables, net
39,430
36,781
Leased vehicles, net
28,442
20,172
Restricted cash
2,010
1,941
Goodwill
1,200
1,189
Equity in net assets of non-consolidated affiliates
879
986
Property and equipment, net of accumulated depreciation
245
219
Deferred income taxes
307
231
Related party receivables
979
573
Other assets
1,009
751
Total assets
$
77,603
$
65,904
Liabilities and Shareholder's Equity
Liabilities
Secured debt
$
34,338
$
30,689
Unsecured debt
30,162
23,657
Accounts payable and accrued expenses
1,537
1,218
Deferred income
2,035
1,454
Deferred income taxes
251
129
Related party payables
449
362
Other liabilities
358
343
Total liabilities
69,130
57,852
Shareholder's equity
8,473
8,052
Total liabilities and shareholder's equity
$
77,603
$
65,904
Operational and Financial Data
(Unaudited, Dollars in millions)
Three Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Retail finance receivables originations
$
2,545
$
1,651
$
4,196
$
2,642
$
1,646
$
4,288
GM lease originations
$
6,447
$
69
$
6,516
$
5,587
$
20
$
5,607
GM new vehicle loans and leases as a percent of total
loan and lease originations
87.5
%
87.1
%
87.5
%
83.5
%
84.2
%
83.6
%
Six Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Retail finance receivables originations
$
5,125
$
3,214
$
8,339
$
4,915
$
3,451
$
8,366
GM lease originations
$
13,167
$
101
$
13,268
$
8,594
$
37
$
8,631
GM new vehicle loans and leases as a percent of total
loan and lease originations
88.3
%
86.8
%
88.1
%
79.7
%
84.9
%
80.8
%
Three Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Average retail finance receivables
$
19,078
$
11,491
$
30,569
$
14,927
$
11,666
$
26,593
Average Wayne Lippman commercial finance receivables
4,614
4,672
9,286
3,359
4,301
7,660
Average finance receivables
23,692
16,163
39,855
18,286
15,967
34,253
Average leased vehicles, net
26,311
141
26,452
10,826
50
10,876
Average earning assets
$
50,003
$
16,304
$
66,307
$
29,112
$
16,017
$
45,129
Six Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Average retail finance receivables
$
18,850
$
11,193
$
30,043
$
14,396
$
11,822
$
26,218
Average commercial finance receivables
4,352
4,560
8,912
3,248
4,406
7,654
Average finance receivables
23,202
15,753
38,955
17,644
16,228
33,872
Average leased vehicles, net
24,226
120
24,346
9,387
43
9,430
Average earning assets
$
47,428
$
15,873
$
63,301
$
27,031
$
16,271
$
43,302
June 30, 2016
June 30, 2015
North
America
International
Total
North
America
International
Total
Retail finance receivables
$
19,429
$
11,432
$
30,861
$
15,490
$
11,840
$
27,330
Commercial finance receivables
4,833
4,600
9,433
3,515
4,300
7,815
Leased vehicles
28,278
164
28,442
12,846
58
12,904
Ending earning assets
$
52,540
$
16,196
$
68,736
$
31,851
$
16,198
$
48,049
June 30, 2016
December 31, 2015
North
America
International
Total
North
America
International
Total
Retail
Retail finance receivables, net of fees(a,b)
$
19,429
$
11,432
$
30,861
$
18,148
$
10,976
$
29,124
Less: allowance for loan losses
(687
)
(127
)
(814
)
(618
)
(117
)
(735
)
Total retail finance receivables, net
18,742
11,305
30,047
17,530
10,859
28,389
Commercial
Commercial finance receivables, net of fees
4,833
4,600
9,433
4,051
4,388
8,439
Less: allowance for loan losses
(29
)
(21
)
(50
)
(23
)
(24
)
(47
)
Total commercial finance receivables, net
4,804
4,579
9,383
4,028
4,364
8,392
Total finance receivables, net
$
23,546
$
15,884
$
39,430
$
21,558
$
15,223
$
36,781
(a)
Includes $1.3 billion and $1.1 billion of direct-financing
leases at June 30, 2016 and December 31, 2015.
(b)
Net of unearned income, unamortized premiums and discounts, and
deferred fees and costs of $190 million and $179 million at June
30, 2016 and December 31, 2015.
June 30, 2016
December 31, 2015
North
America
International
Total
North
America
International
Total
Allowance for loan losses as a percentage of retail finance
receivables, net of fees
3.5
%
1.1
%
2.6
%
3.4
%
1.1
%
2.5
%
Allowance for loan losses as a percentage of
commercial finance receivables, net of fees
0.6
%
0.5
%
0.5
%
0.6
%
0.5
%
0.6
%
June 30, 2016
June 30, 2015
North
America
International
Total
North
America
International
Total
Loan delinquency as a percent of ending retail finance
receivables:
31 - 60 days
4.9
%
1.0
%
3.4
%
5.9
%
1.1
%
3.6
%
Greater than 60 days
1.9
%
0.9
%
1.5
%
2.1
%
1.0
%
1.6
%
Total
6.8
%
1.9
%
4.9
%
8.0
%
2.1
%
5.2
%
Three Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Charge-offs
$
228
$
38
$
266
$
188
$
32
$
220
Less: recoveries
(121
)
(12
)
(133
)
(100
)
(11
)
(111
)
Net charge-offs
$
107
$
26
$
133
$
88
$
21
$
109
Net annualized charge-offs as a percent of average
retail finance receivables
2.3
%
0.9
%
1.7
%
2.4
%
0.7
%
1.6
%
Recoveries as a percentage of gross repossession
charge-offs(a)
54.8
%
58.8
%
(a)
Charge-offs for the International Segment primarily include the
write-down of receivables to net realizable value. As a result, a
calculation of recoveries as a percentage of gross charge-offs is
not meaningful.
Six Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Charge-offs
$
487
$
72
$
559
$
388
$
66
$
454
Less: recoveries
(260
)
(23
)
(283
)
(210
)
(23
)
(233
)
Net charge-offs
$
227
$
49
$
276
$
178
$
43
$
221
Net annualized charge-offs as a percent of average
retail finance receivables
2.4
%
0.9
%
1.8
%
2.5
%
0.7
%
1.7
%
Recoveries as a percentage of gross repossession
charge-offs(a)
54.4
%
58.2
%
(a)
Charge-offs for the International Segment primarily include the
write-down of receivables to net realizable value. As a result, a
calculation of recoveries as a percentage of gross charge-offs is
not meaningful.
Three Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Annualized operating expenses as a percent of average
earning assets
1.7
%
3.2
%
2.1
%
2.5
%
3.4
%
2.8
%
Six Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Annualized operating expenses as a percent of average
earning assets
1.8
%
3.3
%
2.2
%
2.6
%
3.5
%
2.9
%
http://www.businesswire.com/news/home/20160721005627/en/GM-Financial-Reports-June-Quarter-2016-Operating
"Company") announced net income of $189 million for the quarter ended
June 30, 2016, compared to $186 million for the quarter ended June 30,
2015. Net income for the six months ended June 30, 2016 was $353
million, compared to $336 million for the six months ended June 30, 2015.
Retail loan originations were $4.2 billion for the quarter ended
June 30, 2016, compared to $4.1 billion for the quarter ended March 31,
2016, and $4.3 billion for the quarter ended June 30, 2015. Retail loan
originations for the six months ended June 30, 2016 were $8.3 billion,
compared to $8.4 billion for the six months ended June 30, 2015. The
outstanding balance of retail finance receivables was $30.9 billion at
June 30, 2016.
Operating lease originations were $6.5 billion for the quarter ended
June 30, 2016, compared to $6.8 billion for the quarter ended March 31,
2016, and $5.6 billion for the quarter ended June 30, 2015. Operating
lease originations for the six months ended June 30, 2016 were $13.3
billion, compared to $8.6 billion for the six months ended June 30,
2015. Leased vehicles, net was $28.4 billion at June 30, 2016.
The outstanding balance of commercial finance receivables was $9.4
billion at June 30, 2016 compared to $9.2 billion at March 31, 2016 and
$7.8 billion at June 30, 2015.
Retail finance receivables 31-60 days delinquent were 3.4% of the
portfolio at June 30, 2016 and 3.6% at June 30, 2015. Accounts more than
60 days delinquent were 1.5% of the portfolio at June 30, 2016 and 1.6%
at June 30, 2015.
Annualized net charge-offs were 1.7% of average retail finance
receivables for the quarter ended June 30, 2016 and 1.6% for the quarter
ended June 30, 2015. For the six months ended June 30, 2016, annualized
retail net charge-offs were 1.8%, compared to 1.7% for the six months
ended June 30, 2015.
The Company had total available liquidity of $15.4 billion at June 30,
2016, consisting of $3.1 billion of cash and cash equivalents, $10.7
billion of borrowing capacity on unpledged eligible assets, $0.6 billion
of borrowing capacity on committed unsecured lines of credit and $1.0
billion of borrowing capacity on a Junior Subordinated Revolving Credit
Facility from GM.
Additionally, earnings resulting from the Company's equity investment in
SAIC-GMAC, a joint venture that conducts auto finance operations in
China, were $37 million for the three months ended June 30, 2016
compared to $28 million for the three months ended June 30, 2015.
Earnings for the six months ended June 30, 2016 were $73 million,
compared to $56 million for the six months ended June 30, 2015.
About GM Financial
General Motors Financial Company, Inc. is the wholly-owned captive
finance subsidiary of General Motors Company and is headquartered in
Fort Worth, Texas. For more information, visit www.gmfinancial.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters
discussed in this news release include forward-looking statements which
are our current views with respect to future events and financial
performance. These forward-looking statements are subject to many
assumptions, risks and uncertainties that could cause actual results to
differ significantly from historical results or from those anticipated.
The most significant risks are detailed from time to time in our filings
and reports with the Securities and Exchange Commission, including our
annual report on Form 10-K for the year ended December 31, 2015. Such
risks include - but are not limited to - changes in general economic and
business conditions; GM's ability to sell new vehicles that we finance
in the markets we serve in North America, Latin America, China and
Europe, particularly the United Kingdom where automobile sales may be
negatively impacted due to the passage of the referendum to discontinue
membership in the European Union; interest rate and currency
fluctuations; our financial condition and liquidity, as well as future
cash flows and earnings; competition; the effect, interpretation or
application of new or existing laws, regulations, court decisions and
accounting pronouncements; the availability and cost of sources of
financing; the level of net charge-offs, delinquencies and prepayments
on the loans and leases we originate; vehicle return rates and the
residual value performance on vehicles we lease; the viability of
GM-franchised dealers that are commercial loan customers; the prices at
which used cars are sold in the wholesale markets; and changes in
business strategy, including expansion of product lines and credit risk
appetite, and acquisitions. If one or more of these risks or
uncertainties materialize, or if underlying assumptions prove incorrect,
actual events or results may differ materially. It is advisable not to
place undue reliance on any forward-looking statements. We undertake no
obligation to, and do not, publicly update or revise any forward-looking
statements, except as required by federal securities laws, whether as a
result of new information, future events or otherwise.
General Motors Financial Company, Inc.
Consolidated Statements of Income
(Unaudited, Dollars in millions)
Three Months Ended June 30,
Six Months Ended June 30,
2016
2015
2016
2015
Revenue
Finance charge income
$
826
$
848
$
1,644
$
1,702
Leased vehicle income
1,390
599
2,574
1,030
Other income
76
68
149
137
Total revenue
2,292
1,515
4,367
2,869
Costs and expenses
Operating expenses
343
319
677
625
Leased vehicle expenses
1,068
467
1,961
794
Provision for loan losses
151
141
347
296
Interest expense
501
391
964
771
Total costs and expenses
2,063
1,318
3,949
2,486
Equity income
37
28
73
56
Income before income taxes
266
225
491
439
Income tax provision
77
39
138
103
Net income
$
189
$
186
$
353
$
336
Consolidated Balance Sheets
(Unaudited, Dollars in millions)
June 30, 2016
December 31, 2015
Assets
Cash and cash equivalents
$
3,102
$
3,061
Finance receivables, net
39,430
36,781
Leased vehicles, net
28,442
20,172
Restricted cash
2,010
1,941
Goodwill
1,200
1,189
Equity in net assets of non-consolidated affiliates
879
986
Property and equipment, net of accumulated depreciation
245
219
Deferred income taxes
307
231
Related party receivables
979
573
Other assets
1,009
751
Total assets
$
77,603
$
65,904
Liabilities and Shareholder's Equity
Liabilities
Secured debt
$
34,338
$
30,689
Unsecured debt
30,162
23,657
Accounts payable and accrued expenses
1,537
1,218
Deferred income
2,035
1,454
Deferred income taxes
251
129
Related party payables
449
362
Other liabilities
358
343
Total liabilities
69,130
57,852
Shareholder's equity
8,473
8,052
Total liabilities and shareholder's equity
$
77,603
$
65,904
Operational and Financial Data
(Unaudited, Dollars in millions)
Three Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Retail finance receivables originations
$
2,545
$
1,651
$
4,196
$
2,642
$
1,646
$
4,288
GM lease originations
$
6,447
$
69
$
6,516
$
5,587
$
20
$
5,607
GM new vehicle loans and leases as a percent of total
loan and lease originations
87.5
%
87.1
%
87.5
%
83.5
%
84.2
%
83.6
%
Six Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Retail finance receivables originations
$
5,125
$
3,214
$
8,339
$
4,915
$
3,451
$
8,366
GM lease originations
$
13,167
$
101
$
13,268
$
8,594
$
37
$
8,631
GM new vehicle loans and leases as a percent of total
loan and lease originations
88.3
%
86.8
%
88.1
%
79.7
%
84.9
%
80.8
%
Three Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Average retail finance receivables
$
19,078
$
11,491
$
30,569
$
14,927
$
11,666
$
26,593
Average Wayne Lippman commercial finance receivables
4,614
4,672
9,286
3,359
4,301
7,660
Average finance receivables
23,692
16,163
39,855
18,286
15,967
34,253
Average leased vehicles, net
26,311
141
26,452
10,826
50
10,876
Average earning assets
$
50,003
$
16,304
$
66,307
$
29,112
$
16,017
$
45,129
Six Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Average retail finance receivables
$
18,850
$
11,193
$
30,043
$
14,396
$
11,822
$
26,218
Average commercial finance receivables
4,352
4,560
8,912
3,248
4,406
7,654
Average finance receivables
23,202
15,753
38,955
17,644
16,228
33,872
Average leased vehicles, net
24,226
120
24,346
9,387
43
9,430
Average earning assets
$
47,428
$
15,873
$
63,301
$
27,031
$
16,271
$
43,302
June 30, 2016
June 30, 2015
North
America
International
Total
North
America
International
Total
Retail finance receivables
$
19,429
$
11,432
$
30,861
$
15,490
$
11,840
$
27,330
Commercial finance receivables
4,833
4,600
9,433
3,515
4,300
7,815
Leased vehicles
28,278
164
28,442
12,846
58
12,904
Ending earning assets
$
52,540
$
16,196
$
68,736
$
31,851
$
16,198
$
48,049
June 30, 2016
December 31, 2015
North
America
International
Total
North
America
International
Total
Retail
Retail finance receivables, net of fees(a,b)
$
19,429
$
11,432
$
30,861
$
18,148
$
10,976
$
29,124
Less: allowance for loan losses
(687
)
(127
)
(814
)
(618
)
(117
)
(735
)
Total retail finance receivables, net
18,742
11,305
30,047
17,530
10,859
28,389
Commercial
Commercial finance receivables, net of fees
4,833
4,600
9,433
4,051
4,388
8,439
Less: allowance for loan losses
(29
)
(21
)
(50
)
(23
)
(24
)
(47
)
Total commercial finance receivables, net
4,804
4,579
9,383
4,028
4,364
8,392
Total finance receivables, net
$
23,546
$
15,884
$
39,430
$
21,558
$
15,223
$
36,781
(a)
Includes $1.3 billion and $1.1 billion of direct-financing
leases at June 30, 2016 and December 31, 2015.
(b)
Net of unearned income, unamortized premiums and discounts, and
deferred fees and costs of $190 million and $179 million at June
30, 2016 and December 31, 2015.
June 30, 2016
December 31, 2015
North
America
International
Total
North
America
International
Total
Allowance for loan losses as a percentage of retail finance
receivables, net of fees
3.5
%
1.1
%
2.6
%
3.4
%
1.1
%
2.5
%
Allowance for loan losses as a percentage of
commercial finance receivables, net of fees
0.6
%
0.5
%
0.5
%
0.6
%
0.5
%
0.6
%
June 30, 2016
June 30, 2015
North
America
International
Total
North
America
International
Total
Loan delinquency as a percent of ending retail finance
receivables:
31 - 60 days
4.9
%
1.0
%
3.4
%
5.9
%
1.1
%
3.6
%
Greater than 60 days
1.9
%
0.9
%
1.5
%
2.1
%
1.0
%
1.6
%
Total
6.8
%
1.9
%
4.9
%
8.0
%
2.1
%
5.2
%
Three Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Charge-offs
$
228
$
38
$
266
$
188
$
32
$
220
Less: recoveries
(121
)
(12
)
(133
)
(100
)
(11
)
(111
)
Net charge-offs
$
107
$
26
$
133
$
88
$
21
$
109
Net annualized charge-offs as a percent of average
retail finance receivables
2.3
%
0.9
%
1.7
%
2.4
%
0.7
%
1.6
%
Recoveries as a percentage of gross repossession
charge-offs(a)
54.8
%
58.8
%
(a)
Charge-offs for the International Segment primarily include the
write-down of receivables to net realizable value. As a result, a
calculation of recoveries as a percentage of gross charge-offs is
not meaningful.
Six Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Charge-offs
$
487
$
72
$
559
$
388
$
66
$
454
Less: recoveries
(260
)
(23
)
(283
)
(210
)
(23
)
(233
)
Net charge-offs
$
227
$
49
$
276
$
178
$
43
$
221
Net annualized charge-offs as a percent of average
retail finance receivables
2.4
%
0.9
%
1.8
%
2.5
%
0.7
%
1.7
%
Recoveries as a percentage of gross repossession
charge-offs(a)
54.4
%
58.2
%
(a)
Charge-offs for the International Segment primarily include the
write-down of receivables to net realizable value. As a result, a
calculation of recoveries as a percentage of gross charge-offs is
not meaningful.
Three Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Annualized operating expenses as a percent of average
earning assets
1.7
%
3.2
%
2.1
%
2.5
%
3.4
%
2.8
%
Six Months Ended June 30,
2016
2015
North
America
International
Total
North
America
International
Total
Annualized operating expenses as a percent of average
earning assets
1.8
%
3.3
%
2.2
%
2.6
%
3.5
%
2.9
%
http://www.businesswire.com/news/home/20160721005627/en/GM-Financial-Reports-June-Quarter-2016-Operating