JPM - Credit card metrics stay steady in December except for ADS
2020 CompanyTickerTypeDecemberNovemberOctober3-month averageCapital One[[COF]]delinquency2.41%2.29%2.19%2.30% charge-off2.42%2.57%3.11%2.70%American Express[[AXP]]delinquency1.00%1.00%1.10%1.03% charge-off1.60%1.90%2.20%1.90%JPMorgan[[JPM]]delinquency0.99%1.02%1.00%1.00% charge-off1.70%1.59%1.89%1.73%Synchrony[[SYF]]core delinquency3.10%3.00%2.80%2.97% adjusted charge-off3.10%3.10%3.30%3.17%Discover Financial[[DFS]]delinquency2.19%*2.03%1.99%2.01% charge-off2.44%*2.55%2.90%2.73%Alliance Data Systems[[ADS]]delinquency4.40%5.00%4.90%4.77% charge-off8.70%5.20%3.80%5.90%Citigroup[[C]]delinquency1.36%1.82%1.38%1.52% charge-off2.11%2.57%2.03%2.24%Bank of America[[BAC]]delinquency1.50%1.46%1.36%1.44% charge-off1.67%1.50%2.00%1.72% Avg. delinquency2.12%2.20%2.09%2.13% Avg. charge-off2.97%2.62%2.65%2.77%*Metrics are derived from the Q4 metric DFS discloses in its Q4 filing combined with October's and December's figures that were previously disclosed.On average, net charge-offs appear to be slightly above the three-month average, however ADS's December 2020 charge-offs had unusually large variations in the latest three months.Excluding ADS, the average net charge-off rate comes to 2.15%, a bit better than the 2.30% three-month average.December's average delinquency rate, excluding ADS, comes to 1.79% vs. the three month average of 1.76%.As has been the case since the pandemic, credit card companies are still offering forbearance programs to customers affected by COVID-19. Such programs generally halt the account from moving to the next delinquency cycle until the account is removed from forbearance. As a result, the metrics may not yet fully reflect the impact of the pandemic on credit quality.In
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Credit card metrics stay steady in December, except for ADS