2023-04-19 16:01:20 ET
- Citibank's ( NYSE: C ) Credit Card Master Trust I saw both delinquency and net charge-off rates creep up in March, according to a recent SEC filing, as credit quality continued to normalize ever so slowly.
- Its delinquency rate of 1.17% increased from 1.12% in February and from 1.04% in January, but remains well below the 1.56% mark in March 2020, the same month in which the onset of the pandemic shocked the U.S. economy.
- Citi's ( C ) net charge-off rate rose to 1.67% from 1.55% in February and from 1.50% in January. That's still much lower than March 2020's 3.02% level.
- Lending activity, meantime also edged lower, with principal receivables of $23.6B at March 28 vs. $23.8B at the beginning of the due period .
- Last week, (April 14) Citigroup Q1 earnings topped consensus, helped by fixed-income trading.
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Citi credit card delinquency, net charge-off rates advance again in March