Execs say the increase in provisions is mostly a return to normal after pandemic-era stimulus programs kept defaults artificially low.
Bank of America Corp. joined its largest rivals in setting aside more reserves as a growing number of consumers couldn’t keep up with their loan payments, even as executives dialed down fears of a looming crisis.
For years, banks benefited from the financial strength of US consumers as credit losses fell to record low levels. Now, with once-in-a-generation levels of inflation whittling away at their savings, Americans are once again beginning to fall behind on payments. “We haven’t seen any cracks in that portfolio yet,” Bank of America Chief Financial Officer Alastair Borthwick said Tuesday on a conference call with reporters. “The consumer is in great shape.”
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