SC - High used-car prices low losses drive Santander Consumer USA Q3 earnings

Santander Consumer USA ([[SC]] -2.0%) Q3 results reflect low losses driven by relief programs and historically high used-car prices driving strong net income, the company said.Q3 net income of $490.1M, or $1.58 per share, jumped from $232.5M, or 67 cents per share, in the year-ago quarter; that's far better than the 65-cent consensus for the most recent quarter.Q3 total auto originations of $8.4B were flat Y/Y.Although the company's credit metrics fared well over the quarter, given the relief programs afforded its customers, SC boosted reserves as economic uncertainty persists."We grew reserves in the quarter to over $6B, or an 18.4% allowance ratio, driven by increased balances and continued uncertainty in the macro outlook," said Fahmi Karam, Santander Consumer USA chief financial officer.Q3 credit loss expense of $340.5M declined from $566.8M a year ago.Q3 net charge-off ratio of 0.6% vs. 8.1% a year ago; delinquency ratio on loans held for investment at the

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High used-car prices, low losses drive Santander Consumer USA Q3 earnings