Citigroup (C) just reported April credit card delinquencies dropped from March, following in the footsteps of Bank of America (BAC), Capital One (COF), Discover Financial Services (DFS), American Express (AXP), and JP Morgan Chase (JPM).
All the banks are down today, probably more a reflection of European contagion than anything else, with Citi off 13 cents, or 3.3%, at $3.85.
Citi said credit card delinquencies in April fell to 5.85% from 6.06% in March, while metrics for delinquencies of 34 days or less rose slightly to 3.17% from 3.08%.
Earlier today, B of A reported total April delinquencies fell to 6.73% from 7.07%; Capital One said total delinquencies fell to 5.1% from 5.3% in March; JP Morgan said delinquencies fell to 4.4% from 4.5%; Amex said delinquencies fell to 3.1% from 3.3%; and Discover saw a drop in delinquencies from 5.2% to 5.4%.
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