Citi credit card delinquency rate drifts up, net charge-offs slide in July

[Writedowns Cost Citigroup $2.5 Billion Loss In 2nd Quarter]
Justin Sullivan/Getty Images News

Citigroup's (NYSE:C [https://seekingalpha.com/symbol/C]) credit card delinquencies advanced sequentially in July, while net-charge offs retreated over the same period, the bank disclosed on Friday. Still, both metrics trailed their pre-pandemic marks.

The Citibank Credit Card Master Trust delinquency rate of 1.42% rose from 1.38% in June and slid from 1.44% in the year-ago period. It's also down from the prepandemic level of 1.53% in July 2019.

The net charge-off rate was 2.07% in July, down from 2.12% in the prior month and 2.59% a year earlier, according to a U.S. Securities and Exchange Commission filing [https://www.sec.gov/Archives/edgar/data/1108348/000119312525181622/d15059dex99.htm]. The rate was 2.91% six 2019.

Lending activity slowed further last month, with principal receivables falling to $20.7B at the end of the July period from $20.9B a month before.

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