Proprietary Report with Analysis on Chase U.S. Credit Card Overall Performance
Chase, the nation’s largest bank credit card issuer, continued to post double-digit year-on-year (YOY) growth in purchase dollar volume (PDV) in the first quarter (1Q/17) while YOY growth in outstandings (OUT) remained in the mid-single digits. Card income remained depressed in the quarter due to higher new account origination costs and provisions to offset rising credit card charge-offs.
The higher new account origination costs were largely attributable to the high fee, generous rewards Chase Sapphire Reserve card, introduced last year.
Delinquency (DEL) increased slightly YOY and charge-offs (CO) rose sharply, sequentially (QTQ) and YOY in the first quarter.
Pre-tax net revenue . . . .