Summary
This 8-K filing from American Express Co. (AXP) on January 15, 2013, provides investors with updated delinquency and write-off statistics for its U.S. Card Services (USCS) operating segment for the months of October, November, and December 2012, as well as the fourth quarter of 2012. The filing offers a more granular view of credit performance beyond standard reporting. It details total loans, 30-day delinquency rates, and net write-off rates for the USCS portfolio, along with similar metrics for the American Express Credit Account Master Trust. This information is valuable for assessing the company's credit risk management and the health of its loan portfolio, particularly as it pertains to the economic environment of late 2012.
Key Highlights
- 1American Express (AXP) is providing updated delinquency and write-off statistics for its U.S. Card Services (USCS) segment for October, November, and December 2012.
- 2The total loan portfolio for USCS grew from $53.3 billion in October to $56.0 billion in December 2012.
- 3The 30-day past due loan rate for USCS remained stable at 1.2% for November and December 2012, down from 1.3% in October.
- 4The net write-off rate (principal only) for USCS increased slightly from 1.9% in October to 2.1% in December 2012, averaging 2.0% for the fourth quarter.
- 5The filing also includes data for the American Express Credit Account Master Trust, showing a stable ending principal balance and a slight fluctuation in annualized default rates.
- 6The default rate for the Master Trust was 1.9% for the period ending October 25, 2012, and 2.1% for the period ending December 25, 2012.
- 7These statistics are furnished to provide additional information beyond regular SEC filings like the Form 10-D.