Bank of America Corp.’s Global Card Services unit continued to show improvement during the first quarter ended March 31, reporting April 15 net income of $1.7 billion, up 76.5% from $963 million during the same period last year.
The card unit’s revenue net of interest expense totaled $5.6 billion, down 17.6% from $6.8 billion. Noninterest card income totaled $1.83 billion, down 8% from $1.99 billion.
The credit card charge-off rate for the quarter was 7.89%, down 411 basis points from 12% during the same period last year. Total charge-off losses during the quarter were down 39.1%, to $2.8 billion from $4.6 billion.
The provision for credit losses fell 72.5%, to $964 million from $3.5 billion.
The percentage of loans 30 to 89 days delinquent was 4.82%, down 198 basis points from 6.8%; the percentage of loans 90 or more days delinquent was 2.65%, down 109 basis points from 3.74%.
The bank’s debit cardholders spent $60 billion during the quarter, up 7.1% from $56 billion a year earlier.
As a company, BofA reported net income of $2.05 billion, down 35.5% from $3.18 billion. Total revenue net of interest expense was $26.9 billion, down 15.9% from $32 billion.
