Bank of America credit card net charge-offs dip in October

Bank of America (NYSE:BAC) credit card trust’s October update showed its delinquency rate edging up, while its net charge-off rate fell.

BA Master Credit Card Trust II’s net charge-off rate of 2.41% fell 11 basis points from 2.52% September and increased from 2.06% in October 2023. The latest print matched the pre-COVID level of 2.41% in October 2019.

Its delinquency rate of 1.52% increased from 1.48% in the prior month and 1.37% in the year-ago period. However, it’s still 10 basis points below the October 2019 rate of 1.62%.

The trust’s $15.6B of receivables outstanding as of Oct. 31, 2024, were roughly flat with Sept. 30 and rose almost 11% from a year ago.

Bank of America (NYSE:BAC) stock rose 0.8% in Friday morning trading.