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A Million Here, A Million There...It Adds Up For Credit Card
Issuers
The nation's three largest issuers reaped nearly $1.5 billion in profits for the
three months of April, May, and June of this year. Add in profits from the largest issuer of charge cards and business cards,
and the figure handily tops $2 billion for the second quarter. The nation's largest issuer of bank credit cards, Citibank,
reported profits of $659.0 million, which includes some credit cards outside the USA. Citibank's second quarter card profits
were 9% over the same period one year ago. MBNA, the second largest U.S. issuer of bank credit cards, reported $543.3 million
in second quarter profits, a 20% increase over last year. The third largest U.S. issuer of bank credit cards, Bank One, posted
$279.0 million in profits, a 2% decline over the second quarter of last year. American Express, the king of charge cards,
corporate cards, and with $36 billion in U.S. credit card loans, reported second quarter profits of $634.0 million from its
card operations. Based on the second quarter information, the U.S. credit card business is poised to produce more than $12
billion in profits this year.
SECOND QUARTER 2003
ISSUER PROFITS LOANS
Citibank $659.0 Million $113.3 Billion
American Express $634.0 Million $36.0 Billion
MBNA $543.3 Million $110.5 Billion
Capital One $286.8 Million $60.7 Billion
Bank One $279.0 Million $73.0 Billion
Citibank includes some accounts in North America, but outside USA
American Express includes international operations
MBNA includes foreign card accounts and personal loans
Capital One includes foreign card accounts, auto loans, and personal loans
Source: CardData (www.carddata.com)
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