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Wells Sees Boost In Household Credit Card Penetration

Wells Fargo & Co. on April 11 reported a jump in first quarter credit card penetration in its retail banking households, to 38 percent, up from 34.1 percent a year earlier. The issuer also noted a 9 percent jump in its overall average consumer credit card balance, to $26.27 billion, up 9 percent from the first quarter of 2013.

Credit card charge-offs for the period ended March 31 totaled $231 million, or 3.57 percent of average loans, according to the bank’s earning announcement.

Business Direct credit card, lines of credit and loan-product solutions (primarily under $100,000 sold through our retail banking stores) were up 15 percent from the prior year, the company said. Interest income was $798 million, up 6.4 percent from a year earlier. Card fees totaled $784 million, up 6.2 percent. Card loans 90 or more days past due totaled $308 million, up 0.7 percent.

 

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