Summary
This 8-K filing from American Express (AXP) provides updated credit performance statistics for its U.S. Card Services (USCS) operating segment as of May 31, June 30, and July 31, 2013. The report highlights key metrics such as total loans, delinquency rates (30 days past due), and net write-off rates for cardmember lending. Investors can use this data to monitor the health of American Express's loan portfolio and assess potential credit risks. Overall, the presented data suggests stable credit performance during the reported period, with delinquency rates holding steady at 1.1% and net write-off rates remaining low and declining slightly. The filing also provides similar statistics for the American Express Credit Account Master Trust, offering a more granular view of securitized loan performance. While the USCS total portfolio data is more comprehensive, the Trust data offers a look at a specific, securitized portion of the business.
Key Highlights
- 1Provides updated delinquency and write-off statistics for American Express's U.S. Card Services (USCS) for May, June, and July 2013.
- 2Total cardmember loans in USCS remained stable, reported at $54.6 billion for both June and July 2013.
- 330 days past due loans as a percentage of total loans remained consistent at 1.1% for the three reported months.
- 4Net write-off rate (principal only) for USCS showed a slight downward trend, moving from 1.9% in May and June to 1.8% in July.
- 5Includes data for the American Express Credit Account Master Trust, detailing its credit performance for specific monthly periods ending in April, May, and June 2013.
- 6Annualized default rate for the Lending Trust declined from 2.1% in the period ending April 24, 2013, to 1.9% in the period ending July 25, 2013.
- 7The filing aims to provide additional information beyond what is reported in the Trust's Form 10-D, offering a broader view of the USCS portfolio.