Wells Fargo credit card third quarter outstandings were up 14.1% year-on-year (YOY) to $32.3 billion reflecting new account growth and growth in private label and co-brand outstandings driven by the Dillard’s card portfolio acquisition in the fourth quarter.
Purchase Dollar Volume (PDV) grew 15.1% YOY in 3Q/15. For the third quarter, Wells posted $18.3 billion in PDV, compared to $17.7 billion in prior quarter, and $15.9 billion in the year ago quarter.
The number of Purchase Transactions (PTX) was 264 million for 3Q/15, 253 million in 2Q/15 and 224 million in 3Q/14.
During the quarter, Wells opened up 721 million new accounts compared to 685 million in the prior quarter, and 547 million in the year ago quarter.
Well’s credit card household penetration hit 42.9% in 3Q/15, compared to 42.6% in 2Q/15 and 39.7% in 3Q/15. Penetration is defined as the percentage of retail banking deposit households that have a credit card with Wells Fargo.
Net charge-offs were down $27 million to 2.71% for the third quarter, down 50 basis points (bps) from the second quarter and down 16 bps from the third quarter of 2014.
Debit card PDV of $70.7 billion was up 8% YOY in 3Q/15.
WELLS FARGO OUTSTANDINGS
3Q/14: $27.7 billion
4Q/14: $29.5 billion
1Q/15: $30.4 billion
2Q/15: $31.1 billion
3Q/15: $32.3 billion
Source: Wells Fargo
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