Bank of America credit card delinquency, net charge-off rates rise in September
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- Bank of America (NYSE:BAC) credit card delinquencies and net charge-offs crept up in September, the company disclosed on Tuesday.
- The BA Master Credit Card Trust II delinquency rate increased to 1.48% in September from 1.43% in August and 1.305 in September 2023. Still, it remains below the 1.59% level in September 2019, before the pandemic hit.
- The credit card net charge-off rate of 2.52% ground higher to 2.52% from 2.48% in the previous month and 2.11% a year ago, according to a company filing. That compared with 2.54% in the corresponding month in 2019.
- Lending activity edged down 0.6% M/M to $15.6B, but increased 11% Y/Y.
- In its Q3 results, also released on Tuesday, Bank of America (BAC) said Q3 combined credit and debit card spending rose 3% Y/Y to $232B.