Cards&Payments: 2008 US Bank Card Issuer Profitability
The May issue of Cards&Payments magazine has arrived with its annual survey of US bank card issuer profitability - finding that 2008 revenues grew 10% over 2007 to $129.6 billion while expenses grew 14% to $102.4 billion (primarily driven by a 52% increase in credit chargeoffs). After-tax profits declined about 3% to $17.7 billion. Purchase volume on credit cards grew less than 1% to $1.37 trillion.
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