Credit card revenue for the three largest U.S. issuers, ranked by outstandings, held strong across the board for 2Q/10, up more than 9.8% since the prior quarter. According to CardData (www.carddata.com), the nation’s top three issuers posted a total of $8.2 billion in second quarter net revenue, compared to $7.4 billion in 1Q/10. Chase reported 2Q/10 net revenue $343 million, an increase of more than 110% from the prior quarter. BofA posted global cards net income of $6.9 billion, compared to $6.8 in the prior quarter, while Citi reported revenue down only marginally from $936 million in 1Q/10 to $929 million. These performance results reflect an easing of the credit crunch, with issuers easing lending standards. For complete details on second quarter performance visit CardData (www.carddata.com).
REVENUE HISTORICAL ($mm)
BofA Chase Citi
1Q/10: 6,800 -300 936
2Q/10: 6,900 343 929
Source: CardData (www.carddata.com)