Summary
This 8-K filing from American Express Co. (AXP), dated March 15, 2013, provides updated credit performance statistics for its U.S. Card Services (USCS) operating segment for the periods ending December 31, 2012, and January 31 and February 28, 2013. The filing details delinquency and write-off rates, offering investors a look into the health of American Express's loan portfolio. The information is furnished to supplement data previously reported in other SEC filings, specifically detailing the entire USCS portfolio, including both securitized and non-securitized loans. Key metrics presented include total loans, the percentage of loans 30 days past due, and net write-off rates. While the overall loan balance showed a slight decrease over the reported periods, the 30-day delinquency rate remained stable, and the net write-off rate fluctuated within a narrow range. The filing also provides similar credit performance data for the American Express Credit Account Master Trust, highlighting potential differences in reporting methodologies and portfolio composition between the trust and the broader USCS segment.
Key Highlights
- 1Furnishes delinquency and write-off statistics for the U.S. Card Services (USCS) operating segment for December 2012, January 2013, and February 2013.
- 2Total cardmember lending loans in USCS decreased from $56.0 billion (Dec 2012) to $52.4 billion (Feb 2013).
- 330 days past due loans as a percentage of total loans in USCS remained stable at 1.2% in December 2012 and increased slightly to 1.3% in January and February 2013.
- 4Net write-off rate (principal only) for USCS fluctuated: 2.1% in December 2012, 1.9% in January 2013, and 2.1% in February 2013.
- 5Provides comparative credit performance data for the American Express Credit Account Master Trust for its reporting periods ending in late 2012 and early 2013.
- 6Explains potential differences between the USCS total portfolio statistics and the Lending Trust's reported data due to portfolio composition and calculation methods.