Friday, June 14, 2024

Discover credit card delinquency rate rises above prepandemic levels in July

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  • Discover Financial (NYSE:DFS) credit card delinquency rate increased to 3.00% in July from 2.86% in June and now stands at higher level than the prepandemic rate of 2.37% in July 2019.
  • The net charge-off rate, though, edged down to 3.77% in July 2023 from 3.80% in June, but was also higher than the July 2019 level of 3.23%.
  • Ending loans increased to $95.6B from $94.0B in June.
  • Separately, the consumer finance company said its CEO and president, Roger Hochschild, resigned effective Aug. 14.
  • Discover (DFS) stock slid 5.2% in Monday after-hours trading.

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