英文【摩根大通】信用卡信托追踪：2025年4月回顾

North America Equity Research16 May 2025J P M O R G A Nwww.jpmorganmarkets.comConsumer FinanceRichard Shane AC(1-415) 315-6701richard.b.shane@jpmorgan.comMelissa Wedel, CFA(1-415) 315-6763melissa.wedel@jpmorgan.comA. J. Denham, CFA, CPA(1-212) 622-0853aj.denham@jpmchase.comJ.P. Morgan Securities LLCThe authors wish to thank Prakhar Rai, of the J.P. Morgan Global Research Center, for contributions to this report.•April Master Trust Results Overview: Trust data showed mostly in-line Early and Total DQs, and better NCOs compared with JPM expectations.AXP – Early stage DQs for AXP improved 3bps M/M to 0.26% (in line with JPMe 0.25%), and total DQs improved by 1bp M/M to 0.84% (in line with JPMe 0.82%). NCOs at AXP improved by 25bps M/M to 1.27%, outperforming JPMe of 1.57%. AXP’s payment rate increased to 50.6% vs. 48.4% M/M.COF – Early stage DQs for COF improved by 8bps M/M to 0.45% (in line with JPMe 0.50%), and total DQs improved by 11bps M/M to 1.82% (in line with JPMe 1.85%). NCOs at COF improved by 33bps M/M to 2.71%, outperforming JPMe of 3.06%. COF’s payment rate increased to 47.8% vs. 46.9% M/M.DFS – Early stage DQs for DFS improved by 3bps M/M to 0.51% (in line with JPMe 0.52%), and total DQs improved by 5bps M/M to 1.72% (in line with JPMe 1.73%). NCOs at DFS improved by 11bps to 2.55%, outperforming JPMe of 2.65%. DFS’s payment rate decreased to 28.2% vs. 28.9% M/M. Trust Tracker Index – Total DQs for the JPM Trust Tracker Index improved by 3bps M/M to 1.38% (in line with JPMe 1.37%). NCOs for the JPM Trust Tracker Index improved by 21bps M/M to 2.28% (outperforming JPMe of 2.47%). The JPM Trust Index payment rate increased to 40.0% vs. 39.9% M/M.•April Managed Results: Showed flat/improving DQs and mixed NCOs. EOP balances were modestly higher across issuers (except SYF). See pg. 6 - 13 for Managed Data.AXP – Ending U.S. consumer loan balances of $90.7B, up 0.7% from $90.1B M/M and up 9.8% from $82.6B Y/Y. DQs were flat M/M at 1.40%, and NCOs improved to 2.00% from 2.40% M/M. Click here for the note.COF – Ending domestic credit card balances of $150.6B, up 0.2% from $150.3B M/M and up 4.4% from $144.3B Y/Y. DQs improved to 3.95% from 4.25% M/M, and NCOs improved to 5.66% from 6.09% M/M. Click here for the note.DFS – Ending loan balances of $99.5B, up 0.5% from $99.0B M/M and down 0.2% from $99.7 Y/Y. DQs improved to 3.50% from 3.66% M/M, and NCOs deteriorated to 5.04% from 4.94% M/M. Click here for the note.SYF – Ending loan receivables of $99.5B, down 0.1% from $99.6B M/M and See page 15 for analyst certification and important disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.JPM Credit Card Trust TrackerApril 2025 Review2Richard Shane AC(1-415) 315-6701ric