Bank Earnings: Card Spend Accel; Card Loss Guide Better; Auto Originations Up

Research evidence excerpt

Bank Earnings: Card Spend Accel; Card Loss Guide Better; Auto Originations Up

TD SECURITIES (USA) LLC INDUSTRY UPDATE

July 14, 2026

■Computer Services & IT Consulting: Bank Earnings: Card Spend Accel; Card Loss

Financial Technology

Financials: Consumer Finance Guide Better; Auto Originations Up■Diversified

■Payments

Moshe Orenbuch THE TD COWEN INSIGHT

646 562 1495

Credit card spend continues to accelerate in 2Q, and sequential trend was in line with

moshe.orenbuch@tdsecurities.com

seasonality. Balance growth has remained solid and accelerated modestly. JPM improves its

Hoang Nguyen, CFA 2026 loss guidance, which points to a better loss rate this year, while C maintained guidance.

646 562 1337 Bank-reported spend vol growth is constructive into CY2Q earnings for covered acquirers

hoang.nguyen2@tdsecurities.com

(Bergin).

Bryan C. Bergin, CFA

646 562 1369 Key takeaways: Credit card spend continues to accelerate in 2Q, and sequential trend

bryan.bergin@tdsecurities.com was in line with seasonality. Balance growth has remained solid and accelerated modestly.

Burç Okumuş JPM improves its 2026 loss guidance, which points to a better loss rate this year, while C

212 468 8443 maintained guidance. The reserve rate decreased q/q at JPM. In auto, originations still

burc.okumus@tdsecurities.com increased sharply y/y at Wells, while also increased y/y at JPM. Auto DQ performance was

generally stable at both JPM and WFC, as 30+ DQs were down 6 bps q/q for JPM and up 5

bps q/q for WFC. The NCO rate declined 12 bps q/q at JPM and declined 10 bps q/q at WFC.

We believe bank-reported spend vol growth is constructive into CY2Q earnings for covered

acquirers (Bergin).

Sequential spend up and in line with seasonality, y/y spend growth accelerated, balance