Top US lenders, including Bank of America and JPMorgan Chase, report strong consumer borrowing and strong assets.

Bank of America’s CFO, Alastair Borthwick, cited high deposits and asset quality, while JPMorgan Chase’s CEO, Jamie Dimon, emphasized the strong financial condition of consumers.

Bank of America reported 2.6% credit card charge-offs in the second quarter, below pre-pandemic levels. Low-credit consumers are worse off, with VantageScore reporting rising delinquencies among subprime and near-prime borrowers.

Lenders are also strengthening their rainy day funds amid economic uncertainty and rising defaults.