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Credit quality remained strong with net charge-offs of 17 basis points and nonperforming assets declining to 50 basis points.
For the first quarter, we reported 21 basis points of both non-performing loans and annualized net charge-offs to average loans.
However, historically consumer auto tends to have a higher level of charge-offs.
Net charge-offs as a percentage of total loans was 5 basis points.
On paper, the overall average rate of credit card delinquencies and charge-offs improved last month compared to February, Seeking Alpha reported Sunday (April 30).
Provisions in the quarter were primarily due to continued growth and higher net charge-offs in our lending portfolio within consumer platforms.
The company has honed its underwriting process by adjusting interest rates in line with expected delinquencies and charge-offs within specific customer segments, allowing it to generate attractive risk-adjusted returns for shareholders.
We're going to have charge-offs, but we've.
With interest rates being abnormally high right now, growing credit provisions and charge-offs are a trend that investors unfortunately must expect to continue going forward… especially if the Federal Reserve raises interest rates a couple more times.