GMAC Reports Record Fourth Quarter and Year for 2003
The General Motors Acceptance Corp. (GMAC) finance arm of General Motors reported record fourth quarter income of $630 million in 2003, up 20 percent from the $524 million earned in the fourth quarter of 2002.
All three of GMAC's business units - financing, insurance and mortgage operations - reported improved results during the quarter.
For calendar year 2003, GMAC posted another record year with income of $2.8 billion, compared with $1.9 billion in 2002.
Earnings from financing operations improved as lower credit provisions offset the negative impact of narrower net-interest margins. Insurance operations benefited from higher underwriting income and a reduction in capital losses related to its investment portfolio.
Income from mortgage operations more than doubled, reflecting record originations in both the residential and commercial mortgage sectors.
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