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Santander Consumer USA Holdings Inc. (NYSE: SC) will release its fourth quarter and full year 2020 financial results on February 3, 2021, at 9:00 a.m. Eastern Time. A conference call and webcast to discuss these results will follow, accessible via U.S. and international dial-in numbers or through its Investor Relations website. Santander Consumer is a leading consumer finance company, focusing on vehicle finance, with an average managed asset portfolio of approximately $63 billion as of September 30, 2020.
Santander Consumer USA Holdings Inc. (NYSE: SC) has announced the appointment of Ramamurthy Lakshmana "RL" Prasad as Chief Risk Officer, succeeding Joshua Baer, who becomes Head of Pricing and Strategy, effective January 1, 2021. Prasad previously served as Deputy Chief Risk Officer and has over 20 years of experience in risk management roles, including positions at Visa Inc. Baer has been with Santander since February 2018 and has extensive experience in consumer credit risk analytics.
Santander Consumer USA Holdings (NYSE: SC) reported a strong Q3 2020 with a net income of $490 million, or $1.58 per diluted share, despite facing challenges from the pandemic. The company originated over $8 billion in loans and leases, benefiting from high used vehicle prices and low delinquency rates. However, due to the Federal Reserve's restrictions, SC does not expect to declare dividends for Q4 2020. The firm's CET1 ratio stands at 13.7%, supporting its resilience in uncertain conditions.
Santander Consumer USA Holdings (NYSE: SC) announced a donation of $1.65 million to 29 nonprofits aimed at addressing community needs exacerbated by the COVID-19 pandemic. This funding, distributed through the Santander Consumer USA Foundation, supports vital services such as virtual classrooms, homelessness aid, and childcare. To date, SC has contributed approximately $3 million for pandemic-related support in 2020. Additionally, SC is committed to racial equity and social justice initiatives, with plans for $500,000 over two years towards leadership training and equality programs.
Santander Consumer USA Holdings Inc. (NYSE: SC) announced plans to open a new office in Suncoast Crossings, Odessa, FL, in 2021, creating approximately 850 jobs. This expansion aims to enhance operational coverage in the Eastern Time Zone and support growth in automotive finance and servicing. The new facility will undergo renovations to feature modern office spaces and a state-of-the-art call center, expected to open by mid-2021. President and CEO Mahesh Aditya expressed enthusiasm about establishing a presence in Florida and engaging with the local community.
Santander Holdings USA, Inc. has received approval from the Federal Reserve Board to make exceptions to the interim policy regarding the Dodd-Frank Act Stress Test. This approval allows Santander Consumer USA Holdings Inc. (NYSE: SC) to consider declaring a quarterly cash dividend of $0.22 per share in Q3 2020, payable on August 24, 2020. Additionally, SC may continue its share repurchase program through the end of Q3 2020. The policy exceptions are specific to Q3 2020, with capital actions dependent on business performance and market conditions.
Santander Consumer USA reported a net income of $(97) million for Q2 2020, reflecting challenges due to COVID-19 and a $400 million allowance for credit loss. Despite the prohibition on third-quarter dividends due to Federal Reserve policy, management noted the resilience of its portfolio and effective customer hardship programs. Total auto originations decreased by 7% to $7.8 billion, with a 12% drop in core retail auto loans. However, Chrysler Capital loan originations surged by 36%. The CET1 ratio stood strong at 13.4%, demonstrating robust capital reserves amid economic uncertainty.
Santander Holdings USA, Inc. (SHUSA) and its subsidiary, Santander Consumer USA Holdings Inc. (NYSE: SC), announced their 2020 Dodd-Frank Act Stress Test (DFAST) results. SHUSA's capital ratios placed it in the top quartile among banks, with a minimum Stressed Capital Buffer of 2.5%. As of March 31, 2020, SHUSA had a CET1 ratio of 14.3%, while SC's was 13.8%. Both companies will not pay dividends in Q3 2020 due to Federal Reserve restrictions. SHUSA emphasizes its capital planning resilience amid economic uncertainty related to COVID-19.
Santander Holdings USA and its subsidiary, Santander Consumer USA, announced results from the Federal Reserve's 2020 Dodd-Frank Act Stress Test. SHUSA ranked in the top quartile for capital ratios under a severely adverse scenario. Effective October 1, 2020, the company will face a Stressed Capital Buffer of 2.5%, maintaining a CET1 ratio above 7%. However, due to new economic conditions, large banks must resubmit capital plans, limiting dividend payments and share repurchases. SHUSA anticipates no dividends in Q3 2020 as it complies with regulatory requirements. Their current CET1 ratios are 14.3% and 13.8% for SHUSA and SC, respectively.
Santander US will close its offices and branches early on June 19, 2020, to honor Juneteenth, the oldest national commemoration of the end of slavery in the United States. CEO Tim Wennes emphasized the importance of reflecting on racial inequities during this time. Employees are encouraged to engage with the Black community and support organizations aimed at fostering change. This closure aligns with the company's commitment to racial equality, as it reviews its practices in partnership with its Black Employee Network.
