Americas Consumer Finance: Master Trust and More

May data for Americas Consumer Finance issuers shows solid credit metrics with delinquencies and net charge-offs (NCOs) performing better than seasonal expectations. Loan growth exceeded forecasts, indicating positive momentum for 2Q26 performance.

Key Takeaways

• 1.Credit metrics for May showed improving DQ trends and net charge-offs (NCOs) generally in-line or better than expectations, positioning issuers for outperformance in 2Q26.
• 2.Loan growth across issuers was strong, exceeding monthly seasonality and consensus expectations.

Table of Contents

• Master Trust and More: QTD results pointing to NCO outperformance
• Table of Contents
• Sizing the path for card issuers to reach 2Q26 consensus expectations
• COF auto metrics point to improvement at ALLY
• Monthly data: Summary of May stats
• Credit metrics solid as DQs in-line while NCOs slightly outperform
• AXP: DQs outperform while NCOs in-line
• COF: DQs a touch better while NCOs in-line
• SYF: DQs and NCOs in-line
• BFH: DQ's outperform while NCOs underperform (on the back of meaningful outperformance in Apr)
• COF's auto monthly metrics - DQ's outperform while NCOs underperform; loans outperform
• Delinquencies approaching pre-pandemic levels with the pace of YoY change continuing to moderate
• Card recoveries likely to trend higher from here representing a tailwind to NCO rates:
• Used car prices remain elevated
• Appendix - Monthly credit trends in the last twelve months
• Disclosure Appendix

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