Santander Consumer : Third quarter 2020 Presentation

Exhibit 99.2

Third Quarter 2020

October 28, 2020

Forward-Looking Statements

IMPORTANT

INFORMATION

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as anticipates, believes, can, could, may, predicts, potential, should, will, estimates, plans, projects, continuing, ongoing, expects, intends, and similar words or phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and involve risks and uncertainties that are subject to change based on various important factors, some of which are beyond our control. For additional discussion of these risks, refer to the section entitled Risk Factors and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2019, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our "SEC filings"). Among the factors that could cause the forward-looking

statements in this presentation and/or our financial performance to differ materially from that suggested by the forward-looking statements are (a) the adverse impact of COVID-19 on our business, financial condition, liquidity and results of operations; (b) continually changing federal, state, and local laws and regulations could materially adversely affect our business; (c) adverse economic conditions in the United States and worldwide may negatively impact our results; (d) a reduction in our access to funding; (e) significant risks we face implementing our growth strategy, some of which are outside our control; (f) unexpected costs and delays in connection with exiting our personal lending business; (g) our agreement with FCA US LLC may not result in currently anticipated levels of growth and is subject to certain conditions that could result in termination of the agreement; (h) our business could suffer if we are unsuccessful in developing and maintaining relationships with automobile dealerships; (i) our financial condition, liquidity, and results of operations depend on the credit performance of our loans; (j) loss of our key management or other personnel, or an inability to attract such management and personnel; (k) certain regulations, including but not limited to oversight by the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, the European Central Bank, and the Federal Reserve, whose oversight and regulation may limit certain of our activities, including the timing and amount of dividends and other limitations on our business; and (l) future changes in our relationship with SHUSA and Banco Santander that could adversely affect our operations. If one or more of the factors affecting our forward-looking information and statements proves incorrect, our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements. Therefore, we caution the reader not to place undue reliance on any forward-looking information or statements. The effect of these factors is difficult to predict. Factors other than these also could adversely affect our results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties as new factors emerge from time to time. Any forward-looking statements only speak as of the date of this document, and we undertake no obligation to update any forward-looking information or statements, whether written or oral, to reflect any change, except as required by law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

2

Earnings Highlights

Q3 results reflect unique environment with low losses and strong

recoveries; liquidity, reserves and capital remain strong

Originations

Reserves

Credit

Performance

Liquidity &

Capital

• Total auto originations of ~$8.4B in Q3 2020, flat versus prior year quarter
• FCA penetration rate of 33%, down from 36% in Q3 2019
• $293M increase in reserves due to balance growth
• Allowance ratio of 18.4%, down 80bps from Q2 2020 allowance ratio due to improved credit mix
• Early stage delinquency ratio of 5.0%, down 450 bps YoY
• Late stage delinquency ratio of 2.4%, down 230 bps YoY
• Gross charge-off ratio of 6.8%, down 1150 bps YoY
• Net charge-off ratio of 0.6%, down 750 bps YoY
• ABS market demand at recent highs, issued $3.3 billion in new ABS
• $2.0B in liquidity from Banco Santander
• $1.2B in additional private term financings
• CET1 Ratio of 13.7%

3

Economic Indicators

Consumer Confidence1

59.8 53.1 48.5 45.4

119.8 138.4 125.1

103.0 104.1

101.8

70.3 79.7 86.0

Consumer confidence index remains low due to the

economic impact of the pandemic

U.S. Unemployment Statistics2

14.7%

9.8% 9.5% 9.0%

7.8% 7.2%

6.1%

5.9%

7.9%

5.0% 5.0%

4.2% 3.7% 3.5%

U.S. GDP QoQ Change3

-0.3%	3.1%	1.2%	2.4%	1.5%	2.9%	2.1%	2.9%	3.2%	3.4%	2.1%
-3.3%

-31.4%

Sep	Sep	Sep	Sep	Sep	Sep	Sep	Sep	Sep	Sep	Sep	Sep	Sep
08	09	10	11	12	13	14	15	16	17	18	19	20

Unemployment rate of 7.9% in September decreased from 14.7% in April when the impact of stay-at-homeorders were more severe

US GDP decreased 31% in Q2 2020 vs Q1 2019 due to

the impact of COVID-19

1		The Conference Board's consumer confidence index, monthly data as of September 30, 2020	4
2		U.S. Bureau of Labor Statistics, monthly data as of September 30, 2020
3		U.S. Bureau of Economic Analysis, quarterly lagged data as of June 30, 2020

Auto Industry Overview

New Vehicle SAAR1

17.3 17.2 17.1 16.617.0

13.0

11.4

Used Vehicle SAAR2

39.2	39.8	39.8	40.0	32.0	36.0	38.0

Used Vehicle Price Indices3

161.2

Manheim

			149.3
140.5	139.9	141.1	141.9

136.0

139.5

JDP

					126.8
118.4	122.0	121.8		121.6
		117.9
1Q 2019	2Q 2019	3Q 2019	4Q 2019	1Q 2020	2Q 2020	3Q 2020

Auto sales of 17.0M, up 31% QoQ as dealerships and manufacturer sales increased after the shutdowns caused by COVID-19

Used auto sales of 38.0M, up 6% QoQ

Used vehicle prices increased to record levels

due to demand and lower supply

1 U.S. Bureau of Economic Analysis, Light Weight Vehicle Sales: Autos and Light Trucks, monthly data as of September 30, 2020

5

1. Cox Automotive, 13-Month Rolling Used-Vehicle SAAR, monthly data as of September 30, 2020
2. Manheim, Inc.; Indexed to a basis of 100 at 1995 levels; JD Power Used-Vehicle Price Index (not seasonally adjusted), both monthly, quarter end

Quarterly Originations

Total volume flat year-over-year;mix-shift from lease to prime retail loan

			Three Months Ended Originations				% Variance
($ in Millions)			Q3 2020			Q2 2020			Q3 2019			QoQ	YoY
Total Core Retail Auto		$	2,690		$	2,135		$	2,572			26%			5%
Chrysler Capital Loans (<640)1			1,353			1,131			1,500		20%			(10%)
Chrysler Capital Loans (≥640)1			2,482			3,557			2,119			(30%)			17%
Total Chrysler Capital Retail			3,835			4,688			3,619		(18%)			6%
Total Leases2			1,860			989			2,230			88%			(17%)
Total Auto Originations3	$	8,385	$	7,812	$	8,421		7%		Flat
Asset Sales4		$	636		$	512				-		21%			NM
SBNA Originations4	$	1,100	$	1,724	$	2,112		(36%)			(48%)

1	Approximate FICOs
2	Includes nominal capital lease originations	6

1. Includes SBNA Originations
2. Asset Sales and SBNA Originations remain off of SC's balance sheet in the Service For Others portfolio

Year-to-Date Monthly Originations

Core Retail Auto ($ in Millions)					Chrysler Lease ($ in Millions)
																	1
$1,200											$1,000
$1,000											$800
$800
										$600
$600
										$400
$400
										$200
$200
$0											$0
			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep
	YoY	-4%	-14%	-17%	-44%	-8%	23%	8%	-6%	13%		YoY	14%	17%	-18%	-73%	-64%	-48%	-26%	-21%	0%
Chrysler Capital Loans, <6401 ($ in Millions)			Chrysler Capital Loans, ≥6401 ($ in Millions)
$600											$1,400
$500											$1,200
										$1,000
$400
										$800
$300
										$600
$200
										$400
$100
										$200
$0											$0
			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep
	YoY	-7%	-13%	-12%	-40%	-24%	-5%	-11%	-19%	2%		YoY	22%	22%	45%	125%	79%	45%	23%	6%	23%

1 Approximate FICOs

2019		2020	7

Fiat Chrysler (FCA) Relationship

SC continues to partner with FCA to drive sales

• Continue to support both retail and lease incentives
• Penetration rate normalizing following 0% APR incentives due to COVID-19

FCA Sales1 (units in '000s)
			1,661
				1,321
565		507
	367
3Q19	2Q20	3Q20	YTD'19	YTD'20

Chrysler Penetration Rate2
35.7%	37.1%			35.8%
		34.5%
		32.5%
3Q19	2Q20	3Q20	YTD'19	YTD'20

1		FCA filings; sales as reported on 10/01/2020	8
2		Auto loans and leases financed by Chrysler Capital

Serviced for Others (SFO) Platform

Balances Up QoQ

Serviced for others balance growth driven by prime originations from FCA and the SBNA program

Off-balance sheet securitization of $636M also added to the SFO platform

Serviced for Others Balances, End of Period ($ in Millions)

			$11,511
$10,414	$10,331	$10,727
	17%
$9,979		12%
15%	15%
20%

	85%	85%	88%	83%
80%

3Q19	4Q19	1Q20		2Q20	3Q20
			Related Party		3rd Party

9

Diversified Funding and Liquidity

Total unutilized capacity of approximately $12 billion at the end of Q3 2020

Asset-Backed Securities1 ($ in Billions)	Financings ($ in Billions)
17.9	18.8		Amortizing1	Revolving 2
						12.1
							11.7
			9.6	8.6
						7.8	9.3
								Unused
							3.9	2.8		Used
	Q2 2020	Q3 2020		Q2 2020	Q3 2020	Q2 2020	Q3 2020
► $3.3B of new issuance in Q3: 2 SDART	► ~$1.2B of private term financings in Q3

► 77% unused capacity on warehouse lines from 12 lenders

Santander2 ($ in Billions)

	14.2
12.2	0.5
0.5	2.5
2.5

9.2	11.2

Asset Sales ($ in Billions)

2.2

	Revolving	0.5	1.7		Asset Sales
	Contingent	1.7	0.6
	Term	1.1		SBNA
				Originations

Q2 2020	Q3 2020	Q2 2020	Q3 2020
► $2.0B in new term funding in Q3	► Off-balance sheet securitization of $636M

• $3.0B in unutilized revolving and contingent liquidity

1		Total outstanding as of September 30, 2020	10
2		Total commitment as of September 30, 2020

Q3 2020 Financial Results

			Three Months Ended (Unaudited, Dollars in Thousands, except per share)
			September 30, 2020		June 30, 2020		September 30, 2019
Interest on finance receivables and loans		$	1,300,694		$	1,236,600		$	1,273,022
Net leased vehicle income			257,984			126,688		250,109
Other finance and interest income			2,146			2,657			9,926
Interest expense			292,118			308,982		335,212
Net finance and other interest income		$	1,268,706		$	1,056,963		$	1,197,845
Credit Loss Expense			340,548			861,896		566,849
Profit sharing			30,414			11,530			18,125
Total other income			28,509			(46,393)		31,293
Total operating expenses			263,662			266,679			329,470
Income before tax	$	662,591	$	(129,535)	$	314,694
Income tax expense			172,476			(32,857)			82,156
Net income	$	490,115	$	(96,678)	$	232,538
Diluted EPS ($)		$	1.58		$	(0.30)		$	0.67
Average total assets		$	47,979,008		$	46,876,726		$	46,915,965
Average managed assets	$	62,662,686		$	61,001,767		$	57,379,308

11

Customer Relief Loan Deferrals

Since the beginning of the pandemic through the end of the third quarter, ~645,000 unique accounts received deferrals 86% of unique accounts that received deferrals have had those deferrals expire

80% of these accounts remain <30 days past due

Percent Deferred

		27.0%
		Pandemic
	30%	Peak
Accounts	25%
20%
Activeof	15%
10%
%	5%
	0%

17.7%

As of Q2

4.5%

As of Q3

September 2020				Balance
Ending Deferral Status	Units	%		(in '000s)
Active	89,000	14%	$	1,690,000
Expired and <30 DPD	427,000	66%	$	7,730,000
Expired and >30 DPD	84,000	13%	$	1,520,000
Paid Off (cumulative)	33,000	5%	$	320,000
Charge Off (cumulative)	12,000	2%	$	220,000
Unique Accounts Deferred	645,000	100%	$	11,480,000

	12
*	Approximate data from March 1, 2020 - September 30, 2020

Quarterly Delinquency & Loss

Delinquency Ratios: 30-59 Days Delinquent, RICs, HFI

9.5%	9.7%	8.3%

4.3%5.0%

Delinquency Ratios: >59 Days Delinquent, RICs, HFI

4.7%5.1%4.6%

2.4%2.4%

Gross Charge-off Rates

18.3% 17.3% 15.5%

11.1%

6.8%

SC Recovery Rates1 (% of Gross Loss)

55.9%	52.2%	50.1%	91.4%
	45.7%

Net Charge-off Rates2

8.1%	8.3%	7.7%	6.0%
				0.6%
Q3 2019	Q4 2019	1Q 2020	2Q 2020	Q3 2020

COVID-19 hardship relief programs and strong payment rates led to lower delinquencies and charge- offs during the period

Early stage delinquencies decreased 450 bps YoY

Late stage delinquencies decreased 230 bps YoY

Gross charge-offrate decreased more than 11 percentage points YoY

SC's Q3 recovery rate of 91% driven by record wholesale prices at auction and low gross losses for the quarter

Net charge-offrate decreased 750 bps YoY

1		Recovery Rate - Per the financial statements includes insurance proceeds, bankruptcy/deficiency sales, and timing impacts	13
2		Net Charge-off rates on retail installment contracts, held for investment

Loss and Recovery Ratios (Annualized)

Gross Charge-off Ratio (%)

Recovery Rates (% of Gross Loss)

25.0%
20.0%
15.0%
10.0%
5.0%
0.0%	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug Sep Oct Nov Dec
2019	22.3	19.1	17.0	16.1	16.1	15.8	17.9	18.4	18.5	18.3	17.1	16.1
2020	17.2	15.6	13.7	12.9	12.6	8.1	6.7	5.5	7.9

125.0%
100.0%
75.0%
50.0%
25.0%
0.0%	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2019	49.0	54.6	66.1	62.5	62.4	56.0	55.2	59.2	53.2	52.9	57.5	46.2
2020	46.0	53.0	52.1	32.1	49.1	62.1	81.7	126.1	76.4

Net Charge-off Ratio (%)

15.0%

12.0%

9.0%

6.0%

3.0%

0.0%
-3.0%
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
	2019	11.3	8.7	5.8	6.1	6.1	7.0	8.0	7.5	8.6	8.6	7.3	8.7
	2020	9.3	7.3	6.6	8.7	6.4	3.1	1.2	-1.4	1.9

2019		2020	14

Loss Detail

Net charge-offs for RICs decreased ~$546M versus prior year quarter to $46M

$72M increase in losses due to higher loan balances

$446M decrease due to lower gross charge off rate and $172M decrease due improved recovery performance

Q3 2019 to Q3 2020: Net Charge-off Walk, ($ in Billions)

$592	$72
		($446)
			($172)
				$46
Q3 2019	Balance	Gross Loss	Recoveries	Q3 2020
		Performance &
		Other

15

Reserves

Q2 2020 to Q3 2020 Allowance for Credit Loss Walk (RICs, HFI1 $ in Millions)

Allowance for credit loss increased by $293M QoQ

$474M increase due to balance growth, offset by portfolio and other factors including macro economic outlook

($181)

$474

$6,149$6,149

$5,856$5,856

2Q 2020	Portfolio Changes -	Portfolio & Economic	3Q 2020
	Volume	Factors

Credit loss expense decreased $226M YoY driven by lower net charge-offs

Allowance to loans ratio decreased 80 bps driven by asset mix

$2,000Credit Loss Expense and Allowance Ratio ($ in Millions)

$1,800

$1,600				17.8%	19.2%	18.4%
$1,400
$1,200
$1,000	10.5%	9.9%	$908	$861
$800	$567
$600	$545
$400							$341
$200
$-
Q3 2019	Q4 2019	Q1 2020		Q2 2020	Q3 2020
			Credit loss expense		Allowance Ratio

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

	16
1	Allowance for credit loss related to retail installment contracts, held for investment

Allowance for Credit Loss

As of the end of Q3 2020, total allowance increased $293M compared to Q2 2020, driven by asset balance growth

• TDR coverage ratio increased QoQ as delinquency and performance deteriorated
• Non-TDRcoverage ratio down due to increased balances in prime assets
• Total allowance coverage ratio decreased to 18.4%

Dollars in Millions	(Unaudited)	(Unaudited)	(Audited)
Allowance Ratios	September 30,	June 30,	December 31,
2020	2020	2019
TDR Unpaid principal balance	$3,802	$3,947	$3,859
TDR Impairment	$1,249	$1,038	$915
TDR Allowance ratio	32.8%	26.3%	23.7%
Non-TDR Unpaid principal balance	$29,667	$26,528	$26,896
Non-TDR Allowance	$4,900	$4,818	$2,124
Non-TDR Allowance ratio	16.5%	18.2%	7.9%
Total Unpaid principal balance	$33,469	$30,475	$30,755
Total Allowance	$6,149	$5,856	$3,039
Total Allowance ratio	18.4%	19.2%	9.9%

17

Expense Management

Operating expenses totaled $264M, expense ratio down 60bps YoY

Operating expenses decreased $65M YoY primarily driven by lower repossession expense and other expenses

	Operating Expenses ($ in Millions)
$400										7.0%
$350	$329	$309							6.0%
		$283
$300					$267	$264	5.0%
$250										4.0%
$200
$150	2.3%	2.1%							3.0%
1.9%
		1.7%		1.7%
							2.0%
$100
$50										1.0%
$-										0.0%
Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020
			Operating Expense		Expense Ratio

18

CET1 Ratio

Common Equity Tier 1 Capital Ratio1

Strong capital base

$120,00018.0%

15.4%16.0%

14.8%

$110,000

13.8%	13.4%	13.7%
	14.0%
$100,000		12.0%

SC maintains strong capital levels in addition to its loan loss reserves

10.0%

$90,000

8.0%

Under the Federal Reserve's interim
policy, SC cannot pay a dividend or buy						6.0%
$80,000
back shares in Q4
							4.0%
$70,000
							2.0%
$60,000						0.0%
		Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020
	Tier 1 common capital	$7,226	$7,193	$6,726	$6,574	$6,834
	Risk weighted assets 2	$46,870	$48,762	$48,830	$48,998	$49,883
	CET1	15.4%	14.8%	13.8%	13.4%	13.7%
							19
1 CET1 is calculated under Basel III regulations required as of January 1, 2015. Please see the appendix for further details related to CECL phase-in impact.

2 Under the banking agencies' risk-based capital guidelines, assets and credit equivalent amounts of derivatives and off-balance sheet exposures are assigned to .broad risk .categories. The aggregate dollar amount in each risk category is multiplied by the associated risk weight of the category. The resulting weighted values are added together with the measure for market risk, resulting in the Company's and the Bank's total Risk weighted assets

Appendix

Diversified Underwriting Across Full Credit Spectrum

Originations by Credit (RICs)1

							$6,823	$6,525
$6,192
$5,674
					$4,927	55%	44%
41%
40%
			36%
14%	14%			15%	10%	14%
23%	21%			24%	15%	21%
9%	10%			11%	7%		8%
14%	15%			14%	13%	14%
3Q19		4Q19				1Q20		2Q20	3Q20
		No FICO 2		<540		540-599		600-639		>640

Average Loan Balance in Dollars

$25,627	$25,706	$24,776	$28,820	$25,781
New/Used Originations							$6,823
							$6,525
$6,192
$5,674
					34%
			$4,927	42%
39%
39%
			45%
61%	61%					66%	58%
55%
3Q19		4Q19		1Q20	2Q20	3Q20
1		RIC; Retail Installment Contract		New		Used		21
2		No FICO score obtained; Includes commercial loans.

Held for Investment Credit Trends

Retail Installment Contracts1

														32.9%	31.9%	31.9%	32.6%	30.8%
2.2%	2.4%	2.5%	2.6%	2.5%	10.6%	10.0%	12.4%	10.1%	10.1%	17.9%	16.9%	16.7%	16.7%	15.3%				19.0%	19.0%	18.9%	19.2%	18.3%	17.4%	19.8%	17.5%	18.8%	23.0%

Commercial

Unknown

<540

540-599

600-639

>=640

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

	22
1	Held for investment; excludes assets held for sale

Excluding Personal Lending Detail

Personal lending earned of $49M before operating expenses and taxes in Q3 2020

Interest on finance receivables and loans	$
Net leased vehicle income
Other finance and interest income
Interest expense
Net finance and other interest income	$
Provision for credit losses	$
Profit sharing
Investment gains (losses), net1	$
Servicing fee income
Fees, commissions and other
Total other income	$
Average gross individually acquired retail installment	$
contracts, held for investment and held for sale
Average gross personal loans
Average gross operating leases	$

					Three
September 30, 2020
		Personal	Excluding
Total			Personal
	Lending
			Lending
1,300,694	$	79,359	$	1,221,335	$
257,984		-		257,984
2,146		-		2,146
292,118		10,286		281,832
1,268,706	$	69,073	$	1,199,633	$
340,548	$	(23)	$	340,571	$
30,414		3,607		26,807
(68,989)	$	(56,598)	$	(12,391)	$
18,574		-		18,574
78,924		40,140		38,784
28,509	$	(16,458)	$	44,967	$
30,768,423		-			$
-	$	1,413,021
17,735,640	$	-			$

Months Ended, (Unaudited, Dollars in Thousands)
	June 30, 2020				September 30, 2019
		Personal	Excluding				Personal		Excluding
Total			Personal		Total			Personal
	Lending				Lending
			Lending					Lending
1,236,600	$	83,808	$	1,152,792	$	1,273,022	$	88,449	$	1,184,573
126,688		-		126,688		250,109		-		250,109
2,657		-		2,657		9,926		-		9,926
308,982		11,016		297,966		335,212		11,419		323,793
1,056,963	$	72,792	$	984,171	$	1,197,845	$	77,030	$	1,120,815
861,896	$	-	$	861,896	$	566,849	$	(14)	$	566,863
11,530		6,587		4,943		18,125		-		18,125
(147,582)	$	(121,642)	$	(25,940)	$	(86,397)	$	(87,454)	$	1,057
19,120		-		19,120		21,447		-		21,447
82,069		36,911		45,158		96,243		48,097		48,146
(46,393)	$	(84,731)	$	38,338	$	31,293	$	(39,357)	$	70,650
31,193,215		-			$	29,450,778		-
-	$	1,307,609				-	$	1,343,098
17,492,255	$	-			$	16,902,932	$	-

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1	The current period losses were primarily driven by $57 million of lower of cost or market adjustments related to the held for sale personal
	..lending portfolio, comprised of $81 million in customer default activity, and a $24 million favorable market discount.

Reconciliation of Non-GAAP Measures

Total equity

Deduct: Goodwill and intangibles

Tangible common equity

Total assets

Deduct: Goodwill and intangibles

Tangible assets

Equity to assets ratio

Tangible common equity to tangible assets

Total equity

Add: Adjustment due to CECL capital relief (c)

Deduct: Goodwill and other intangible assets, net of DTL

Deduct: Accumulated other comprehensive income, net Tier 1 common capital

Risk weighted assets (a)(c)

Common Equity Tier 1 capital ratio (b)(c )

	Three Months Ended (Unaudited, Dollars in Thousands)
Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019
$5,094,812	$4,895,465	$5,146,103	$7,318,620	$7,345,202
136,397	127,215	121,879	116,828	110,683
$4,958,415	$4,768,250	$5,024,224	$7,201,792	$7,234,519
$48,448,921	$47,268,695	$47,106,931	$48,933,529	$47,279,015
136,397	127,215	121,879	116,828	110,683
$48,312,524	$47,141,480	$46,985,052	$48,816,701	$47,168,332
10.5%	10.4%	10.9%	15.0%	15.5%
10.3%	10.1%	10.7%	14.8%	15.3%
$5,094,812	$4,895,465	$5,146,103	$7,318,620	$7,345,202
1,842,536	1,769,430	1,669,466	-	-
159,907	154,943	153,712	152,756	150,644
(56,882)	(63,705)	(63,655)	(26,693)	(31,836)
$6,834,323	$6,573,657	$6,725,512	$7,192,557	$7,226,394
$49,882,540	$48,997,902	$48,829,941	$48,761,825	$46,870,019
13.7%	13.4%	13.8%	14.8%	15.4%

1. Under the banking agencies' risk-based capital guidelines, assets and credit equivalent amounts of derivatives and off-balance sheet exposures are assigned to broad risk categories. The aggregate dollar amount in each risk category is multiplied by the associated risk weight of the category. The resulting weighted values are added together with the measure for market risk, resulting in the Company's total Risk weighted assets.
2. CET1 is calculated under Basel III regulations required since January 1, 2015. The fully phased-in capital ratios are non-GAAP financial measures.
3. As described in our 2019 annual report on Form 10-K, on January 1, 2020, we adopted ASU 2016-13, Financial Instruments -Credit Losses ("CECL"), which upon adoption resulted in a reduction to our opening retained earnings balance, net of income tax, and increase to the allowance for credit losses of approximately $2 billion. As also described in our 2019 10-K, the U.S. banking agencies in December 2018 had approved a final rule to address the impact of CECL on regulatory capital by allowing banking organizations, including the Company, the option to phase in the day-one impact of CECL until the first quarter of 2023. In March 2020, the U.S. banking agencies issued an interim final rule that provides banking organizations with an alternative option to delay for two years an estimate of CECL's effect on regulatory capital, relative to the incurred loss methodology's effect on regulatory capital, followed by a three-year transition period. The Company is electing this alternative option instead of the one described in the December 2018 rule.

24

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