Credit Card Data Shows Improvement, But a Still Stressed Situation (COF, AXP, DFS, JPM)
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Price: $146.15 -1.83%
Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 2.3%
Revenue Growth %: +5.1%
Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 2.3%
Revenue Growth %: +5.1%
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There were some signs of improvement in the March reports on credit card charge-offs from the biggest names in the industry, but the U.S. credit card market is still under stress as the economic recovery continues to trudge along.
Capital One Financial Corp. (NYSE: COF) said Thursday that its annualized net charge-off rate for U.S. credit cards rose to 10.87 percent last month from 10.19 percent in the prior month. However, the number of accounts for the firm that were 30 days delinquent dropped to 5.30 percent from 5.51 percent.
U.S. auto loans for Capital One saw a charge-off rate in March down to 2.10 percent from 2.50 percent in February, while the auto loan delinquency rate dropped to 7.58 percent from 7.99 percent.
Capital One is the third-largest issuer of Visa (NYSE: V) –branded and the fifth-largest for MasterCard (NYSE: MA) –branded credit cards in the U.S.
American Express (NYSE: AXP) said its net charge-off rate was 7.5 percent last month, up from 7.4 percent in February and 7 percent in January. The rate of loans 30 days delinquencies at American Express fell to 3.3 percent, down from 3.6 percent.
Bank of America Corp.’s (NYSE: BAC) charge-off rate dropped to 12.54 percent in March from 13.51 percent in February, while Discover Financial Services (NYSE: DFS) reported that last month its charge –off rate also fell, down to 8.51 percent from 9.11 percent in the prior month.
JPMorgan (NYSE: JPM) said that annualized charge-offs increased to 9.51 percent in March after a rate of 9.21 percent in February.
Capital One Financial Corp. (NYSE: COF) said Thursday that its annualized net charge-off rate for U.S. credit cards rose to 10.87 percent last month from 10.19 percent in the prior month. However, the number of accounts for the firm that were 30 days delinquent dropped to 5.30 percent from 5.51 percent.
U.S. auto loans for Capital One saw a charge-off rate in March down to 2.10 percent from 2.50 percent in February, while the auto loan delinquency rate dropped to 7.58 percent from 7.99 percent.
Capital One is the third-largest issuer of Visa (NYSE: V) –branded and the fifth-largest for MasterCard (NYSE: MA) –branded credit cards in the U.S.
American Express (NYSE: AXP) said its net charge-off rate was 7.5 percent last month, up from 7.4 percent in February and 7 percent in January. The rate of loans 30 days delinquencies at American Express fell to 3.3 percent, down from 3.6 percent.
Bank of America Corp.’s (NYSE: BAC) charge-off rate dropped to 12.54 percent in March from 13.51 percent in February, while Discover Financial Services (NYSE: DFS) reported that last month its charge –off rate also fell, down to 8.51 percent from 9.11 percent in the prior month.
JPMorgan (NYSE: JPM) said that annualized charge-offs increased to 9.51 percent in March after a rate of 9.21 percent in February.
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