Summary
This 8-K filing from American Express (AXP) provides updated delinquency and write-off statistics for its U.S. Card Services (USCS) operating segment for the months ending November 30, 2013, December 31, 2013, and January 31, 2014. The data offers a glimpse into the credit quality of the company's loan portfolio. Investors can monitor these metrics to assess the company's risk management and the potential impact of credit losses on future earnings. The reported figures indicate stable credit performance across the USCS portfolio during the observed period. The 30-day delinquency rate remained consistent at 1.1%, and the net write-off rate (principal only) saw a slight decrease from 1.6% to 1.5% by January 2014. While the total loan balance fluctuated, these key credit indicators suggest no significant deterioration in the creditworthiness of American Express's card members.
Key Highlights
- 1Filing provides delinquency and write-off statistics for American Express's U.S. Card Services (USCS) operating segment.
- 2Data covers the reporting periods ending November 30, 2013, December 31, 2013, and January 31, 2014.
- 3USCS total loans: $55.6B (Nov 2013) -> $58.4B (Dec 2013) -> $56.0B (Jan 2014).
- 430-day past due loans as a percentage of total loans remained stable at 1.1% for all three periods.
- 5Net write-off rate (principal only) for USCS loans decreased slightly from 1.6% (Nov/Dec 2013) to 1.5% (Jan 2014).
- 6Also includes credit performance data for the American Express Credit Account Master Trust, showing stable annualized default rates (1.6%-1.7%) and 30+ day delinquencies ($0.4B).