Bank of America Corp.’s Global Card Services unit today reported a net loss of $1 billion for the fourth quarter ended Dec. 31; the unit reported a $9 million loss for the same period a year ago.
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Credit card purchase volume during the quarter fell 3%, to $54.9 billion, from $56.6 billion. The charge-off rate on managed credit card receivables was 11.25%, up 409 basis points from 7.16%.
The charge-off rate on card loans at least 30 days past due was 7.19%, up 51 basis points from 6.68%.
Debit card purchase volume during the quarter rose 8.1%, to $57.2 billion from $52.9 billion.
