The average U.S. 90+ day delinquency rate among the nation’s four largest issuers declined 4 basis points (bps) sequentially, to a record low of 1.01% for the first quarter, compared to 1.05% in the prior quarter and 1.10% one-year ago.
However, Chase and Citibank both reported upticks in their late stage Q1/15 delinquency ratio from the prior quarter. It is expected overall delinquency will rise through the next three quarters.
The Chase 90+ day delinquency rate increased 3 bps sequentially, and down 7 bps from one-year ago. Chase posted a 90+ day delinquency rate of 0.73% for Q1/15, compared to 0.70% in Q4/14, and 0.80% for Q1/14.
The BofA 90+ day delinquency rate decreased 3 bps sequentially, and down 19 bps from one-year ago. BofA posted a 90+ day delinquency rate of 0.91% for Q1/15, compared to 0.94% in Q4/14, and 1.10% for Q1/14.
The COF estimated 90+ day delinquency rate decreased 18 bps sequentially, and down 6 bps from one-year ago. COF posted an estimated 90+ day delinquency rate of 1.49% for Q1/15, compared to 1.67% in Q4/14, and 1.54% for Q1/14. (COF only reports 30+ day delinquency)
The CITI 90+ day delinquency rate increased 2 bps sequentially, and down 7 bps from one-year ago. CITI posted a 90+ day delinquency rate of 0.90% for Q1/15, compared to 0.88% in Q4/14, and 0.97% for Q1/14.
RAM Research projects the 90+ day delinquency ratio for the Top 100 U.S. Banks for the second quarter will be 1.03%.
90+ Day U.S. Delinquency
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