Survey: US Capital Equipment Financing Up 11% In April Vs Year-Ago
24 5월 2011 - 3:09AM
Dow Jones News
Financing volume for business equipment rose 11% in April from a
year ago and the delinquency rate on existing equipment loans
declined, signaling further improvement in the equipment-financing
industry, according to a monthly survey of banks and finance
companies released Monday.
Respondents to the Equipment Leasing and Finance Association's
survey said they financed $5.1 billion of new equipment last month,
compared with $4.6 billion a year ago. March's volume was down from
the $6.2 billion reported in March. The $521 billion-a-year
commercial leasing and financing industry has been steadily
recovering after the U.S. economic recession and limited access to
credit sent the industry into a tailspin in 2009. From January
through April, survey respondents provided financing for $19.6
billion of equipment purchases, up 27.2% from the same period in
2010.
"All of April's business performance indicators appear to
provide evidence that the equipment-finance sector continues to
gain momentum," said William Sutton, president of the
Washington-based finance association.
Loan portfolio quality indicators in the survey improved in
April, suggesting the industry is beginning to overcome the bad
loans and tenuous credit of some loan recipients.
Loans and leases past due by more than 30 days amounted to 3.3%
of survey respondents' net receivables last month, down 3.6% from a
year ago and down from 3.5% in March.
Loan charge-offs amounted to 0.8% of respondents' net
receivables in April, down from 1.6% in April 2010, and down from
the 1.3% in March. Seventy-six percent of the loan applications
submitted during April were approved, up from 69% a year earlier
and up one percentage point from March. The year-over-year
improvement reflects easing credit standards as lenders displayed
improved confidence in loan applicants' business outlooks.
Survey respondents continued to cite construction and trucking
as industry sectors within their loan portfolios that are
under-performing.
The 25 respondents to the Washington association's survey
included banks Wells Fargo & Co. (WFC), Bank of America Corp.
(BAC) and Fifth Third Bancorp (FITB); independent financing
companies including CIT Group Inc. (CIT); and finance units for
manufacturers Caterpillar Inc. (CAT), Deere & Co. (DE), Volvo
Group, and Dell Inc. (DELL).
-By Bob Tita, Dow Jones Newswires; 312-750-4129;
robert.tita@dowjones.com
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