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Uneven, But Positive Net Results for Leasing Industry at Midyear
Consistent with the turbulent and uneven economy as a whole, the up and down results contained in the Equipment Leasing Association's Quarterly Performance Indicators Report (PIR) for the second quarter of 2003 should not come as much of a surprise. In the final analysis, industry members should take solace in the fact that while it has been a fairly wild past 12 months, there has been a net gain in two of the most important indicators: Total Net Portfolio and Total New Business. Certain other indicators, however, produced more mixed results. Specifically, employment in the industry is down while charge-offs are up when compared with the figures from the second quarter of 2002.
Generally a category marked by consistency, the industry's total net portfolio was anything but consistent over the past 12 months. Although net portfolios grew by a modest 1.4% from June 30, 2002 to June 30, 2003, they have also dropped for two consecutive quarters. Total net portfolio for the second quarter 2002 was $58.3 billion, which then dropped slightly to $58 billion in the third quarter of 2002, before ballooning to the 12-month high of $60.2 billion at year's end. The present year showed a first-quarter decrease to $59.7 billion, and for the second quarter the total net portfolio then fell again to $59.1 billion, representing an overall increase of 1.4% from the second quarter of 2002.
Total new business volume was also quite inconsistent over the past year, but closed the midyear of 2003 up by a respectable 10.4% from the second quarter of 2002 after an up and down 12 months. At the close of the second quarter of 2002, new business volume was $9.6 billion, which then dropped to $9.2 billion at the end of the third quarter of 2002. The end of 2002 saw the usual annual gain, rising to the 12-month high of $11.2 billion in new business, but just as quickly, the bottom fell out and new business dropped 25.9% to $8.3 billion in the first quarter of 2003. Fortunately, there was a healthy rebound to $10.6 billion to close out the midyear. While this increase represents a much-needed boost after a disappointing first quarter in 2003, a little more consistency would certainly be a significant salve to the nerves of the industry.
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