JPMorgan Chase credit card charge-off rate advances in August, delinquencies stable

JPMorgan Chase’s (NYSE:JPM) credit card trust delinquency rate stayed relatively stable in August, while its net charge-off rate heated up, it disclosed in a Monday filing.

The Chase Issuance Trust net charge-off rate of 1.64% rose from 1.51% in July and slipped from 1.68% in August 2023. It remained below the pre-pandemic level of 2.21% in August 2019.

The delinquency rate ticked up to 0.84% from 0.83% in the previous month and 0.90% from a year ago. It also stood below the 1.15% mark logged five years ago, before the pandemic hit.

Lending activity drifted down during the month, with principal receivables of $12.7B at the end of August falling from $12.8B at the end of July, according to the filing. That compares with $8.98B a year earlier.