Consumer Finance: April monthly metrics update

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Consumer Finance: April monthly metrics update

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Consumer Finance

April monthly metrics update

Operating Results

Generally solid results in April 15 May 2026

Earlier, card issuers in our coverage (AXP, COF, BFH, SYF) reported operating metrics for Equity

April. EOP receivables balances were up an average of 62bps m/m across our coverage, United States

and up 302bps y/y, accelerating from 279bps y/y in March. The weighted average NCO Consumer Finance

rate was 4.32%, down 12bps m/m and 35bps y/y. Below are our takes by issuer: Mihir Bhatia

Research Analyst

AXP: loan growth slows modestly y/y BofAS+1 415 436 3553

We maintain a Buy rating on American Express (AXP) following April operating results. mihir.bhatia@bofa.com

April results showed DQs outperforming typical seasonality, but losses underperforming Matthew C. O'Neill

seasonality and loan growth slowing modestly on a y/y basis. AXP also updated its ResearchBofAS Analyst

disclosures to present card member loans and card member receivables combined as +1 646 855 1681

matthew.c.oneill@bofa.com

card balances, consistent with presentation changes made in 1Q earnings. Despite a

Caroline Latta

slightly soft April, mid-to-high-single digit loan growth and 2% loss rates are broadly in- Research Analyst

line with expectations and far superior to most other card issuers. Maintain Buy and a BofAS

+1 646 855 0564

$387 PO based on an unchanged 19x multiple to our 2027 EPS forecast. caroline.latta@bofa.com

Natalie Howe

Research AnalystCOF: improving credit metrics BofAS

We maintain a Buy rating on Capital One (COF) following April operating metrics. +1 415 436 1103

Domestic card balance growth remains steady in the low single digit range but credit natalie.howe@bofa.com

saw better than typical April trends.