Summary
This 8-K filing from American Express provides an update on the credit performance of its U.S. Card Services (USCS) operating segment for the months of April, May, and June 2015, as well as the second quarter of 2015. The report focuses on key metrics like delinquency rates and net write-off rates for the company's card member lending portfolio. Investors should note that these statistics are presented for the total USCS portfolio, including both securitized and non-securitized loans, and are intended to supplement information previously reported by the American Express Credit Account Master Trust (Lending Trust). The disclosed data indicates a stable credit environment during the reported period, with consistent delinquency and write-off rates. The total loans in the USCS segment remained relatively steady, hovering around $61 billion. The 30-day past due loan percentage remained constant at 0.9%, and the net write-off rate, while slightly fluctuating, stayed in the 1.3%-1.4% range for the quarter. These figures suggest that American Express's underwriting and collection efforts were effectively managing credit risk during this timeframe.
Key Highlights
- 1American Express is providing updated delinquency and write-off statistics for its U.S. Card Services (USCS) operating segment.
- 2Data covers the months of April, May, and June 2015, as well as the three months ended June 30, 2015.
- 3Total card member loans in the USCS portfolio were approximately $61 billion as of June 30, 2015.
- 4The 30-day past due loan percentage remained consistently at 0.9% for April, May, and June 2015.
- 5The net write-off rate (principal only) for the USCS portfolio was 1.5% in April and 1.3% for May and June, averaging 1.4% for the second quarter.
- 6The reported statistics include both securitized and non-securitized card member loans.
- 7Information is supplementary to data reported by the American Express Credit Account Master Trust (Lending Trust) and may differ due to portfolio composition and calculation methods.