Card Issuers - May Trust Review: NCOs Trending Better vs. Street, Loans In Line to Better

Research evidence excerpt

Card Issuers - May Trust Review: NCOs Trending Better vs. Street, Loans In Line to Better

Consumer Finance - Card Issuers

Card Issuers - May Trust Review: NCOs Trending June 15, 2026

Better vs. Street, Loans In Line to Better

Credit & Loan Growth Data for AXP, BFH, COF, & SYF TICKER RTG PT % UP

●Where the Cards are Tracking vs. 2Q26 Street? After two months of data, we AXP PP NA NA BFH PP NA NA

believe the card issuers are trending better than Street NCO rate expectations COF OP $255 38.0%

and see the greatest potential for upside at SYF and BFH. On the growth side, SYF OP $85 15.9%

this month's data showed a nice growth inflection across the spectrum. Relative OP=Outperform, PP=Peer Perform,

UP=Underperform, NR=Not Rated

to the Street, we believe the cards are tracking broadly in line to slightly better,

with AXP and BFH tracking slightly above while COF and AXP are tracking

generally in-line (ex. 1).

●Balance growth accelerated to 3.6% Y/Y in May vs. 3.1% in April (ex. 2-4). AXP

USCS balances accelerated to 8.2% Y/Y (vs. 7.1% in April and 2Q26 Street of Darrin Peller

7.8%), COF Domestic Card grew 2.4% Y/Y (vs. 2.1% in April and 2Q26 Street dpeller@wolferesearch.com

of 3.3%), SYF grew 1.8% Y/Y (vs. 1.4% in April and 2Q26 Street of 2.3%), (646) 582-9310 View Darrin’s Research

and BFH grew 3.7% Y/Y (vs. 2.3% in April and 2Q26 Street of 3.1%). On a View Comp Table

M/M basis, issuers slightly outperformed historical trends (+1.3% vs. 0.9%

historically); balances grew 2.2% at AXP, 1.0% at COF, 0.8% at SYF, and 1.3% Cameroncdyer@wolferesearch.comDyer

at BFH. 646-582-9337

Paul Obrecht

●Issuer DQ rates were down 10bps M/M on average, slightly better than pobrecht@wolferesearch.com (646) 582-9308

seasonality for the second straight month, in line with company commentary