Credit Card Charge-Offs Rose in the First Half of 2024. Is JPMorgan Chase Bracing for a Recession?
For the 10th consecutive quarter, charge-offs for credit cards at JPMorgan Chase (NYSE: JPM) rose, indicating that increasing numbers of people are struggling to keep up with their growing debt. In the second quarter, the largest bank in the U.S. charged off $1.8 billion in card loans.
The bank also built up its reserves for potential losses and now has $3.1 billion provisioned in the event of further losses. With consumer credit metrics weakening, is JPMorgan indicating an economic downturn is on the horizon?
JPMorgan posted solid Q2 earnings results, with rising revenue and net income while posting stellar results on key capital levels and return ratios. However, one weakness that persists for the largest U.S. bank is its consumer credit trends.
Source Fool.com
JPMorgan Chase & Co. Aktie
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