Proprietary Report with Analysis on Big 6 U.S. Credit Card Profit/Loss.
Profits (after tax) among the nation’s Big 6 U.S. credit card issuers declined 25.3% in the first quarter (1Q/17), compared to one year ago (YOY) and, down 11.1% sequentially (QTQ). The sharp decline was attributed to YOY double-digit declines posted by American Express, Chase, Citibank and Capital One, according to CardData.
Aggregate card after tax profits for the Big 6 issuers logged in at $2863 million for 1Q/17, compared to $3221 million for 4Q/16 and $3832 million for 1Q/16.
BofA led the peer group with positive YOY growth.
American Express 1Q/17 after tax net income for U.S. cards decreased . . . .