Summary
This 8-K filing by American Express Company (AXP) provides updated delinquency and write-off statistics for its U.S. Card Services (USCS) operating segment for the months ending May, June, and July 2014. The primary purpose of this disclosure, made under Regulation FD, is to offer investors additional insights into the credit quality of the company's loan portfolio, supplementing information already provided through other SEC filings. The data reveals a stable and relatively low credit performance for the USCS portfolio during this period. Total loans remained largely consistent, hovering around $57.5 billion to $57.8 billion. Importantly, 30-day delinquency rates stayed low at 0.9% for June and July, after being 1.0% in May. Similarly, the net write-off rate, on a principal-only basis, remained steady at 1.5% for June and July, down from 1.6% in May. These figures suggest a healthy credit environment for American Express's core U.S. card operations.
Key Highlights
- 1American Express is providing updated delinquency and write-off statistics for its U.S. Card Services (USCS) segment.
- 2The data covers the reporting periods ending May 31, June 30, and July 31, 2014.
- 3Total loans in the USCS portfolio remained stable, ranging from $57.5 billion to $57.8 billion.
- 4The 30-day past due delinquency rate for the USCS portfolio was consistently low, at 0.9% in June and July 2014.
- 5The net write-off rate (principal only) for the USCS portfolio was also stable, reported at 1.5% for June and July 2014.
- 6The filing also includes data for the American Express Credit Account Master Trust, showing stable annualized default and delinquency rates.
- 7The company emphasizes that the USCS portfolio data includes both securitized and non-securitized loans, offering a more comprehensive view than securitization trust data alone.