US Card Issuers See August Delinquencies and Charge-Offs Edge Higher

โดย Zacks Investment Research·US·Read original
Summary · why it matters

Credit-card delinquencies and net charge-offs rose sequentially in August across seven major U.S. card issuers, including Capital One Financial, JPMorgan, Citigroup and Bank of America, though both metrics remained below year-ago levels. The average delinquency rate edged up to 2.51% in August from 2.50% in July, slightly above the pre-pandemic August 2019 average of 2.48% but below the 2.67% recorded a year earlier. The average net charge-off rate rose marginally to 3.29% from 3.28% in July, staying below the three-month average of 3.33%, the year-ago level of 3.74% and the 3.57% recorded in August 2019. Capital One's Master Trust reported the highest stress, with its delinquency rate rising to 3.57% from 3.48% in July and its net charge-off rate up to 4.16% from 4.12%, while JPMorgan's Chase Issuance Trust saw its delinquency rate slip to 0.80% from 0.81% even as its net charge-off rate rose to 1.66% from 1.58%. Citigroup's delinquency rate declined to 1.29% from 1.32% while its net charge-off rate climbed to 2.03% from 1.90%, and Bank of America's delinquency rate stood at 1.28%, up from 1.26% in July, with its net charge-off rate at 2.15% versus 2.13%. The data suggest a gradual normalization in credit losses rather than a broad-based deterioration, though sustained increases could prompt lenders to tighten underwriting standards and moderate card-loan growth.

Impact on assets 5

Financials▼ · 3 stocks
Bank of America Corp
BAC
▼ NegativeCapitalrelevance

Bank of America's card delinquency rate rose to 1.28% and net charge-off rate to 2.15%, signaling modestly higher credit stress.

Digital Finance & Tokenization▲ · 2 stocks
Citigroup Inc.
C
± MixedCapitalrelevance

Citigroup's delinquency rate declined to 1.29% but its net charge-off rate climbed to 2.03%, a mixed credit picture.

JPMorgan Chase & Co
JPM
± MixedCapitalrelevance

JPMorgan's Chase delinquency rate slipped to 0.80% while its net charge-off rate rose to 1.66%, a mixed credit picture.

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