Synchrony and Discover lead US banks on rising net charge-offs
Executives expect trend to continue as credit normalisation proceeds apace
US banks saw net charge-offs rise in the first quarter of the year, as credit normalisation hit consumers amid higher interest rates.
Of 14 lenders analysed by Risk Quantum, 12 reported higher net charge-off rates compared with the previous quarter. All of them saw higher rates for unrecoverable loans on a yearly basis.
Synchrony and Discover stood out reporting the highest quarterly increase of the group.
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