Benchmarks · Banking and lending
Banking and lending:
numbers from the filings
41 figures in two layers. Regulators cover whole sectors: Federal Reserve charge-off series, FDIC return on assets, capital adequacy and the microfinance market from Bank of Russia reviews. Individual lenders come from their own 2025 SEC filings: margins from 3.43% at an auto lender to 18.4% at a card monoline, charge-offs from 2.0% to 12.0%, cohort loss curves, BNPL economics and a Russian bank-and-microlender pair.
United States: cost of risk and sector profitability
| Metric | Value | Period | Source |
|---|---|---|---|
| Net charge-off rate, consumer loans, all US commercial banks | 2.64% | Q1 2026 | Federal Reserve, series CORCACBS (charge-off and delinquency rates), via FRED |
| Net charge-off rate, credit card loans, all US commercial banks | 3.84% | Q1 2026 | Federal Reserve, series CORCCACBS, via FRED |
| Net charge-off rate, business loans, all US commercial banks | 0.59% | Q1 2026 | Federal Reserve, series CORBLACBS, via FRED |
| Return on assets, US banking industry | 1.26% | Q1 2026 | FDIC, Quarterly Banking Profile, Q1 2026 |
Russia: capital adequacy and capital base
| Metric | Value | Period | Source |
|---|---|---|---|
| Total capital adequacy ratio (N1.0), Russian banking sector | 14.1% | 06.2026 | Bank of Russia, Russian banking sector development review, June 2026 |
| Total regulatory capital, Russian banking sector | 22.3T ₽ | 06.2026 | Bank of Russia, Russian banking sector development review, June 2026 |
Russia: the microfinance market
| Metric | Value | Period | Source |
|---|---|---|---|
| Microloan originations per quarter, Russian MFI sector | 482B ₽ | Q1 2026 | Bank of Russia, trends in the microfinance market, Q1 2026 |
| Consumer-segment microloan originations per quarter | 442B ₽ | Q1 2026 | Bank of Russia, trends in the microfinance market, Q1 2026 |
| Share of originations rolling into 90+ day delinquency within a quarter | 7% | 2025 | Bank of Russia, trends in the microfinance market, Q1 2026 |
Lenders: margin and portfolio yield
| Metric | Value | Period | Source |
|---|---|---|---|
| Net yield on interest-earning assets, Ally Financial (prime auto + bank) | 3.43% | FY2025 | Ally Financial, Form 10-K for FY2025 (filed 2026-02-25), Net Interest Margin Table |
| Net interest margin, LendingClub (bank-funded unsecured consumer lender) | 6.07% | FY2025 | LendingClub, Form 10-K for FY2025 (filed 2026-02-12), Performance Metrics |
| Net interest margin, Synchrony Financial (retail credit cards) | 15.24% | FY2025 | Synchrony Financial, Form 10-K for FY2025 (filed 2026-02-06) |
| Net interest margin, Bread Financial (private-label and co-brand cards) | 18.4% | FY2025 | Bread Financial, Form 10-K for FY2025 (filed 2026-02-13) |
| Consumer loan portfolio yield, OneMain (non-prime instalment lender) | 22.61% | FY2025 | OneMain Holdings, Form 10-K for FY2025 (filed 2026-02-06), Selected Financial Statistics |
| Portfolio yield, Oportun (near-prime and subprime instalment lender) | 33.1% | FY2025 | Oportun Financial, Form 10-K for FY2025 (filed 2026-02-27) |
Lenders: cost of risk and vintage losses
| Metric | Value | Period | Source |
|---|---|---|---|
| Net charge-off ratio, consumer automotive portfolio, Ally Financial | 2.0% | FY2025 | Ally Financial, Form 10-K for FY2025, consumer net charge-off table |
| Net charge-off rate, Synchrony Financial (retail credit cards) | 5.65% | FY2025 | Synchrony Financial, Form 10-K for FY2025 |
| Net charge-off ratio, OneMain (non-prime instalment lender) | 7.65% | FY2025 | OneMain Holdings, Form 10-K for FY2025, Selected Financial Statistics |
| Net principal loss rate, Bread Financial (private-label cards) | 7.7% | FY2025 | Bread Financial, Form 10-K for FY2025 |
| Annualized net charge-off rate, Oportun | 12.0% | FY2025 | Oportun Financial, Form 10-K for FY2025 |
| Default rate assumed in the fair-value model of the personal-loan portfolio, SoFi | 4.46% | Q4 2025 | SoFi Technologies, Form 10-K for FY2025 (filed 2026-02-17) |
| Net lifetime losses by vintage, % of original principal (matured 2015-2021 cohorts) | 7.1–18.4% | 2015–2021 | Oportun Financial, Form 10-K for FY2025, net lifetime loss rate by vintage |
Lenders: capital, funding and returns
| Metric | Value | Period | Source |
|---|---|---|---|
| CET1 capital ratio, Ally Financial | 10.23% | FY2025 | Ally Financial, Form 10-K for FY2025, Regulatory Capital |
| CET1 capital ratio, Synchrony Financial | 12.6% | FY2025 | Synchrony Financial, Form 10-K for FY2025 |
| Deposits as a share of liability-based funding, Ally Financial | 87% | FY2025 | Ally Financial, Form 10-K for FY2025, Risk Factors |
| Deposits as a share of total funding, Synchrony Financial | 84% | FY2025 | Synchrony Financial, Form 10-K for FY2025 |
| Efficiency ratio, Synchrony Financial | 34.3% | FY2025 | Synchrony Financial, Form 10-K for FY2025 |
| Return on average equity, Ally Financial | 5.77% | FY2025 | Ally Financial, Form 10-K for FY2025, financial ratios table |
| Return on equity, Synchrony Financial | 21.1% | FY2025 | Synchrony Financial, Form 10-K for FY2025 |
| Net income margin, Upstart (growth-stage lending platform) | 5% | FY2025 | Upstart Holdings, Form 10-K for FY2025 (filed 2026-02-10) |
BNPL and subprime auto: a different denominator
| Metric | Value | Period | Source |
|---|---|---|---|
| Provision for credit losses as % of GMV, Klarna (BNPL) | 0.63% | FY2025 | Klarna Group plc, Form 20-F for FY2025 (filed 2026-02-26) |
| Take rate (total revenue as % of GMV), Klarna | 2.7% | FY2025 | Klarna Group plc, Form 20-F for FY2025 |
| Average loan duration, Klarna (BNPL) | 39 days | FY2025 | Klarna Group plc, Form 20-F for FY2025 |
| Spread between forecasted collection rate and advance rate by vintage, Credit Acceptance | 11.9–24.1% | 2016–2025 | Credit Acceptance, Form 10-K for FY2025 (filed 2026-02-13) |
Russian lenders: a bank and a microlender
| Metric | Value | Period | Source |
|---|---|---|---|
| Net interest margin, Sovcombank (IFRS) | 5.3% | FY2025 | Sovcombank, FY2025 IFRS results release, 13 March 2026 |
| Cost of funding, Sovcombank (IFRS) | 13.8% | Q4 2025 | Sovcombank, FY2025 IFRS results release, 13 March 2026 |
| Cost of risk, Sovcombank (IFRS) | 2.9% | FY2025 | Sovcombank, FY2025 IFRS results release, 13 March 2026 |
| Share of Stage 3 loans, Sovcombank (IFRS) | 4.7% | FY2025 | Sovcombank, FY2025 IFRS results release, 13 March 2026 |
| Return on equity, Sovcombank (IFRS) | 15% | FY2025 | Sovcombank, FY2025 IFRS results release, 13 March 2026 |
| Provisioning rate, Zaymer (Russian microfinance) | 64% | FY2025 | Zaymer, FY2025 IFRS group results presentation, 25 March 2026 |
| Return on equity, Zaymer (Russian microfinance) | 32% | FY2025 | Zaymer, FY2025 IFRS group results presentation, 25 March 2026 |
How to read this
What matters about these numbers
- Two layers, and they answer different questions. Regulator rows cover a whole sector: the Federal Reserve series span all US commercial banks, and the Bank of Russia reviews cover the entire banking and microfinance market. Lender rows cover one company each — they show the spread between segments, not a norm.
- Margin denominators differ, and that is the trap in this section. Ally, LendingClub, Synchrony and Bread report net interest margin against interest-earning assets. OneMain (22.61%) and Oportun (33.1%) report portfolio YIELD — not a margin, and not something to line up against Ally's 3.43%.
- BNPL is measured against turnover, not portfolio. Klarna's 0.63% of GMV and Synchrony's 5.65% of receivables belong to different coordinate systems. The reason sits in the same table: Klarna's average loan runs 39 days, so the book turns over almost fourteen times a year.
- Credit Acceptance discloses neither margin nor charge-offs. Its 11.9–24.1% spread is the gap between two shares of lifetime contractual repayments, not an annual rate. Subprime auto is built differently, and a prime lender's margin cannot stand in for it.
- Realised charge-offs can flatter. SoFi reported 2.80% for the quarter while noting the figure was reduced by sales of delinquent loans; its own fair-value model assumes 4.46%. The table carries the model assumption, which is the more honest number.
- Russian terms are not the US terms. IFRS cost of risk is a provisioning expense, not the net charge-offs of an SEC filing; a microlender's 64% provisioning rate is a third quantity again, reducible to neither. Keep the Russian block separate.
- Every figure was read in the document itself — the 2025 Form 10-K or 20-F pulled from EDGAR, or the Russian issuer's own release. Where a widely quoted figure disagrees with the filing, the filing wins: for Ally that means a 3.43% margin rather than 3.47%, and a 5.77% ROE rather than "about 8.5%".
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