Profits (after tax) among the nation’s top four bank credit card issuers declined 0.6% in the third quarter (3Q/15), compared to one year ago (YOY) and soared 9.9% sequentially (QOQ).
Aggregate card after tax profits for the top four issuers logged in at $2834 million for 3Q/15, compared to $2579 million in 2Q/15 and $2850 million for 3Q/14.
Bank of America (BOFA) and Capital One (COF) posted positive growth while Chase (CHSE) and Citibank (CITI) were negative.
CHSE 3Q/15 after tax net income declined 1.8% YOY to $961 million, compared to $965 million in the prior quarter and $979 million in the year-ago quarter.
BOFA 3Q/15 after tax net income increased by 3.9% YOY to $712 million, compared to $657 million in the prior quarter and $685 million in the year-ago quarter.
COF 3Q/15 after tax net income exploded by 16.2% YOY to $639 million, compared to $458 million in the prior quarter and $550 million in the year-ago quarter.
CITI 3Q/15 after tax net income sunk 17.9% YOY to $522 million, compared to $495 million in the prior quarter and $636 million in the year-ago quarter.
U.S. AFTER-TAX U.S. CARD PROFITS
3Q/14: $2850 million
4Q/14: $2734 million
1Q/15: $2739 million
2Q/15: $2579 million
3Q/15: $2834 million
CHASE U.S. CREDIT CARD NET INCOME
3Q/14: $979 million
4Q/14: $879 million
1Q/15: $935 million
2Q/15: $965 million
3Q/15: $961 million
BANK OF AMERICA U.S. CREDIT CARD NET INCOME
3Q/14: e$685 million
4Q/14: e$732 million
1Q/15: e$614 million
2Q/15: e$657 million
3Q/15: e$712 million
CAPITAL ONE U.S. CREDIT CARD NET INCOME
3Q/14: $550 million
4Q/14: $487 million
1Q/15: $621 million
2Q/15: $458 million
3Q/15: $639 million
CITIBANK U.S. CREDIT CARD NET INCOME
3Q/14: $636 million
4Q/14: $636 million
1Q/15: $539 million
2Q/15: $499 million
3Q/15: $522 million
Source: Chase; Bank of America; Chase; Citibank
NOTE: e-estimated based on total after tax net income of Consumer & Business Banking
For data, background and forecasts on U.S. Credit Card Profits: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).