Summary
This 8-K filing by American Express Company (AXP) provides updated delinquency and write-off statistics for its U.S. Consumer Services (USCS) and U.S. Small Business segments for the months ending August 31, September 30, and October 31, 2016. The disclosure also includes corresponding credit performance data for the American Express Credit Account Master Trust (Lending Trust) for the same periods. Investors should note that the presented statistics for USCS and U.S. Small Business are separate from the securitized loans held in the Lending Trust. While both sets of data offer insights into credit quality, the report explicitly states that the securitized loans may have different characteristics and reporting methodologies. Overall, the disclosed figures for both AXP's direct segments and the Lending Trust indicate stable credit performance with low delinquency and net write-off rates during these months.
Key Highlights
- 1American Express is providing updated delinquency and write-off rate statistics for its U.S. Consumer Services (USCS) and U.S. Small Business segments.
- 2Data covers the periods ending August 31, September 30, and October 31, 2016.
- 3For USCS, total loans were $45.0B, $44.9B, and $45.5B, with 30-day past due rates stable at 1.1% and net write-off rates at 1.6% during these months.
- 4For U.S. Small Business, total loans grew from $8.8B to $9.2B, with 30-day past due rates stable at 1.1% and net write-off rates around 1.5-1.6%.
- 5The filing also includes credit performance data for the American Express Credit Account Master Trust (Lending Trust).
- 6Annualized default rates for the Lending Trust remained low, between 1.0% and 1.1%, with total 30+ days delinquent balances consistently at $0.2B.