Bread Financial Holdings, Inc. (NYSE: BFH), a tech-forward
financial services company that provides simple, personalized
payment, lending and saving solutions, provided a performance
update. The following tables present the Company’s net loss rate
and delinquency rate for the periods indicated.
For the
month ended
December 31, 2023
For the
three months ended
December 31, 2023
(dollars in millions)
End-of-period credit card and other
loans
$
19,333
$
19,333
Average credit card and other loans
$
18,665
$
18,267
Year-over-year change in average credit
card and other loans
(9
%)
(8
%)
Net principal losses
$
128
$
367
Net loss rate
8.2
%
8.0
%
As of
December 31,
2023
As of
December 31,
2022
(dollars in millions)
30 days + delinquencies – principal
(1)
$
1,163
$
1,112
Period ended credit card and other loans –
principal
$
17,906
$
20,107
Delinquency rate (1)
6.5
%
5.5
%
________________________________________________
(1)
As previously communicated, the month
ended December 31, 2022 30 days + delinquencies - principal and
Delinquency rate were impacted by the transition of our credit card
processing services in June 2022.
About Bread Financial
Bread FinancialTM (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
CashbackTM American Express® Credit
Card and Bread SavingsTM products.
Headquartered in Columbus, Ohio, Bread Financial is powered by
its 7,500+ global associates and is committed to sustainable
business practices. To learn more about Bread Financial, visit
breadfinancial.com or follow us on Facebook,
LinkedIn, Twitter and Instagram.
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 ongoing wars and
military conflicts; future credit performance, including the level
of future delinquency and write-off rates; the loss of, or
reduction in demand from, significant brand partners or customers
in the highly competitive markets in which we compete; the
concentration of our business in U.S. consumer credit; inaccuracies
in the models and estimates on which we rely, including the amount
of our Allowance for credit losses and our credit risk management
models; the inability to realize the intended benefits of
acquisitions, dispositions and other strategic initiatives; our
level of indebtedness and ability to access financial or capital
markets; pending and future legislation, regulation, supervisory
guidance, and regulatory and legal actions, including, but not
limited to, those related to financial regulatory reform and
consumer financial services practices, as well as any such actions
with respect to late fees, interchange fees or other charges;
impacts arising from or relating to the transition of our credit
card processing services to third party service providers that we
completed in 2022; failures or breaches in our operational or
security systems, including as a result of cyberattacks,
unanticipated impacts from technology modernization projects or
otherwise; and any tax liability, disputes or other adverse impacts
arising out of or relating to the spinoff of our former LoyaltyOne
segment or the bankruptcy filings of Loyalty Ventures Inc. and
certain of its subsidiaries. In addition, a final CFPB rule is
anticipated in the coming months that, if adopted as proposed and
absent a successful legal challenge, will place significant limits
on credit card late fees, which would have a significant impact on
our business and results of operations for at least the short term
and, depending on the effectiveness of the mitigating actions that
we may take in response to the final rule, potentially over the
long term; we cannot provide any assurance as to when any such rule
will be issued, the provisions or effective date of any such rule,
the result of any challenges or other litigation relating to such
rule, or our ability to mitigate or offset the impact of any such
rule on our business and results of operations. The foregoing
factors, along with other risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in forward-looking statements, are described in greater detail
under the headings “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in our
Annual Report on Form 10-K for the most recently ended fiscal year,
which may be updated in Item 1A of, or elsewhere in, our Quarterly
Reports on Form 10-Q filed for periods subsequent to such Form
10-K. Our forward-looking statements speak only as of the date
made, and we undertake no obligation, other than as required by
applicable law, to update or revise any forward-looking statements,
whether as a result of new information, subsequent events,
anticipated or unanticipated circumstances or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240125263280/en/
Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com
Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com
Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com
Bread Financial (NYSE:BFH)
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