BofA’s Credit Card Portfolio Growth Plateaus; Credit Quality OK
The nation’s third largest Visa and MasterCard issuer continued to struggle in the third quarter (3Q/16) with sluggish outstandings (OUT) and purchase dollar volume (PDV) growth, but other metrics, especially credit risk management are above peer group averages Year-On-Year (YOY). Pre-tax net income edged down 2.5% YOY to $1218 million in 3Q/16, compared to $1216…