Charge-offs among the nation’s top 6 issuers jumped 19 basis points (bps) year-on-year (YOY) to 2.86% for the first quarter (1Q/16), and up 2 bps sequentially.
All six issuers posted sharply higher charge-offs in the first quarter.
The Chase 1Q/16 charge-offs ratio inched up by 20 bps from 4Q/15 and flat from 1Q/15. Chase reported a U.S. credit card charge-off ratio of 2.62% for 1Q/16, compared to 2.42% for 4Q/15, and 2.62% for 1Q/15.
Bank of America 1Q/16 charge-offs rose 19 bps from the prior quarter but lower by 13 bps from one year ago. BofA reported a U.S. credit card charge-off ratio of 2.71% for 1Q/16, compared to 2.52% for 4Q/15, and 2.84% for 1Q/15.
Capital One 1Q/16 charge-offs jumped 41 bps from 4Q/15 and up 61 bps from 1Q/15. Cap One reported a U.S. credit card charge-off ratio of 4.16% for 1Q/16, compared to 3.75% for 4Q/15, and 3.55% for 1Q/15.
Citibank 1Q/16 charge-offs edged up by 4 bps from 4Q/15 but down by 28 bps from 1Q/15. Citi reported a U.S. credit card charge-off ratio of 2.83% for 1Q/16, compared to 2.79% for 4Q/15, and 3.11% for 1Q/15.
American Express 1Q/16 charge-offs edged up by 10 bps from 4Q/15 and flat from 1Q/15. AmEx reported a U.S. credit card charge-off ratio of 1.70% for 1Q/16, compared to 1.60% for 4Q/15, and 1.70% for 1Q/15.
Discover 1Q/16 charge-offs jumped by 21 bps from 4Q/15 but down by 7 bps from 1Q/15. Discover reported a U.S. credit card charge-off ratio of 3.15% for 1Q/16, compared to 2.94% for 4Q/15, and 3.21% for 1Q/15.
AVERAGE BIG 6 CHARGE-OFFS
1Q/15: 2.84%
2Q/15: 2.77%
3Q/15: 2.51%
4Q/15: 2.67%
1Q/16: 2.86%
CHASE
1Q/15: 2.62%
2Q/15: 2.61%
3Q/15: 2.41%
4
Q/15: 2.42%
1Q/16: 2.62%
BOFA
1Q/15: 2.84%
2Q/15: 2.68%
3Q/15: 2.46%
4Q/15: 2.52%
1Q/16: 2.71%
CAPITAL ONE
1Q/15: 3.55%
2Q/15: 3.42%
3Q/15: 3.08%
4Q/15: 3.75%
1Q/16: 4.16%
CITIBANK
1Q/15: 3.11%
2Q/15: 3.19%
3Q/15: 2.75%
4Q/15: 2.79%
1Q/16: 2.83%
AMEX CHARGE-OFFS
1Q/15: 1.70%
2Q/15: 1.60%
3Q/15: 1.50%
4Q/15: 1.60%
1Q/16: 1.70%
DISCOVER CHARGE-OFFS
1Q/15: 3.21%
2Q/15: 3.14%
3Q/15: 2.83%
4Q/15: 2.94%
1Q/16: 3.15%
Sources: Chase; Bank of America; Capital One; Citibank; American Express; Discover
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