Santander Consumer Holdings USA on Monday delayed the release of its quarterly results amid ongoing accounting woes.
The subprime auto lender – a unit of the Spanish banking giant Banco Santander – initially planned to release its earnings on Wednesday, July 27. But it said in a news release that its financial statements have "not yet been completed" due to discrepancies between current and former accountants over the way it calculates its provision for credit losses.
Santander Consumer did not set a new date for the results but said in the release that the company is "working diligently" to resolve the matter and reschedule its call with investors.
Earnings statements from prior quarters could be affected, the company said. No additional details were provided.
The delay appears to mark the latest fallout from the company's decision last fall to change its method for calculating loan losses.
The change also attracted scrutiny from federal regulators. Earlier this year Santander Consumer restated its earnings going back to 2013, following an inquiry from the Securities and Exchange Commission into the company's accounting practices.
Santander Consumer's decision to delay its second-quarter results also follows a shake-up at the board level. Earlier this month Blythe Masters, chief executive at Digital Asset Holdings, stepped down as chairman to advise Banco Santander on the blockchain.
Masters was replaced by William Rainer, a member of the Santander Consumer board and also former chairman of the Commodity Futures Trading Commission.