Bread Financial™ Provides Performance Update for August 2023
- None.
- Net loss rate increased by 1.4%. Delinquency rate increased by 0.6%. Net principal losses increased by $21 million.
|
For the
|
|
For the
|
||||
|
(dollars in millions) |
||||||
End-of-period credit card and other loans |
$ |
17,949 |
|
|
$ |
18,020 |
|
Average credit card and other loans |
$ |
17,544 |
|
|
$ |
17,602 |
|
Year-over-year change in average credit card and other loans |
|
— |
% |
|
|
13 |
% |
Net principal losses (1) |
$ |
99 |
|
|
$ |
78 |
|
Net loss rate (1) |
|
6.7 |
% |
|
|
5.3 |
% |
|
As of
|
|
As of
|
||||
|
(dollars in millions) |
||||||
30 days + delinquencies – principal (1) |
$ |
987 |
|
|
$ |
900 |
|
Period ended credit card and other loans – principal |
$ |
16,638 |
|
|
$ |
16,950 |
|
Delinquency rate (1) |
|
5.9 |
% |
|
|
5.3 |
% |
_______________________________ | |||||||
(1) As previously communicated, the month ended August 31, 2022 Net principal losses, Net loss rate, 30 days + delinquencies – principal and Delinquency rate were impacted by the transition of our credit card processing services. |
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About Bread Financial™
Bread Financial™ (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay™ buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback™ American Express® Credit Card and Bread Savings™ products.
Headquartered in
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.
We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, rising interest rates, unemployment levels and the increased probability of a recession, and the related impact on consumer payment rates, savings rates and other behavior; global political and public health events and conditions, including the ongoing war in
View source version on businesswire.com: https://www.businesswire.com/news/home/20230912380994/en/
Brian Vereb – Investor Relations
Brian.Vereb@BreadFinancial.com
Susan Haugen – Investor Relations
Susan.Haugen@BreadFinancial.com
Rachel Stultz – Media
Rachel.Stultz@BreadFinancial.com
Source: Bread Financial