Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. | Reuters
Citigroup also made larger provisions for credit losses even as it brought inDelinquency rates were rising as anticipated, but still stood below normal levels in the bank’s “very high quality” loan portfolio, said Mark Mason, the bank’s finance chief.
Delinquency rates will probably return to “normal” levels of 3 percent to 3.5 percent for branded cards and 5 percent to 5.5 percent for retail services by early 2024, Mason said. Current delinquency rates are 2.8 percent for branded cards and 4 percent for retail services, according to Citi’s presentation on its earnings.
“The consumer’s in great shape in terms of credit quality by any historical standards. Employment remains good, wages remain good, and we haven’t seen any cracks in that portfolio yet”, Bank of America chief financial officer Alastair Borthwick told reporters., but delinquency levels were still modest, said Jeremy Barnum, finance chief at the largest U.S. lender.than doubled the amount it set aside for credit losses in the first quarter from a year earlier, to $2.
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