44 annotations
Domestic Card business
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2023 Q4
28 Jan 24
Our percentage of FDIC insured deposits grew to 82% of total deposits in the fourth quarter.
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2023 Q4
28 Jan 24
The allowance decreased by $37 million, primarily driven by the charge-offs of office real estate loans in the quarter.
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2023 Q4
28 Jan 24
Our fourth quarter net interest margin was 6.73%, 4 basis points higher than last quarter and 11 basis points lower than the year ago quarter. The quarter-over-quarter increase in NIM was largely driven by a continued mix shift towards card loans and higher asset yields, partially offset by higher rate paid on deposits.
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2023 Q4
28 Jan 24
For the month of December, the charge-off rate was 5.78%
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2023 Q4
28 Jan 24
On a sequential quarter basis, the charge-off rate was up 95 basis points, and the 30-plus delinquency rate was up 30 basis points.
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2023 Q4
28 Jan 24
The charge-off rate for the quarter was up 213 basis points year-over-year to 5.35%. The 30-plus delinquency rate at quarter end increased 118 basis points from the prior year to 4.61%.
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2023 Q4
28 Jan 24
charge-offs are finally moving more or less with seasonality over the near term
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2023 Q4
28 Jan 24
we believe the charge-off rate is stabilizing now and settling out to about 15% above 2019 levels
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2023 Q4
28 Jan 24
Charge-off rate tends to follow delinquency rate by about 3 to 6 months.
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2023 Q4
28 Jan 24
as delinquency entries in December indicate continuing delinquency rate stability in January
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2023 Q4
28 Jan 24
Since August, our monthly delinquency rate has been moving in line with normal seasonality
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2023 Q4
28 Jan 24
The 30-plus delinquency rate has been stable on a seasonally adjusted basis for a number of months now
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2023 Q4
28 Jan 24
The charge-off rate for the quarter was up 220 basis points year-over-year to 4.4%. The 30-plus delinquency rate at quarter end increased 134 basis points from the prior year to 4.31%. On a sequential quarter basis, the charge-off rate was essentially flat and the 30-plus delinquency rate was up 57 basis points. Both the monthly delinquency rate and the monthly charge-off rate are now modestly above 2019 levels.
Our delinquencies are the best leading indicator of domestic card credit performance and the pace of delinquency rate normalization is slowing.
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2023 Q3
29 Oct 23
the biggest effect on the moderating side has been in the lower end of the market
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2023 Q3
29 Oct 23
Sort of the rotation of customers across products. And then the second is competitive pricing. And within that, I would include the notion of just deposit pricing lags that we've talked about.
And so for us, the quarter-over-quarter beta with that lag effect was something like 160%.
Our cumulative beta now stands at [ $57 million ].
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2023 Q3
29 Oct 23
The first is product mix.
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2023 Q3
29 Oct 23
The first is product mix.
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2023 Q3
29 Oct 23
there's really a couple of key factors that are impacting betas
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2023 Q3
29 Oct 23
The spend on the -- at the lower end of the marketplace is certainly probably the most moderated
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2023 Q3
29 Oct 23