Summary
This 8-K filing from American Express (AXP) provides an update on credit performance metrics for its U.S. Consumer Services (USCS) and U.S. Small Business Card Member lending portfolios, as well as its securitized American Express Credit Account Master Trust. The report covers the periods ending November 30, December 31, 2016, and January 31, 2017. Investors can use this information to gauge the company's risk management and the health of its loan portfolios. Key metrics presented include total loans, 30-day past due rates, and net write-off rates. The data indicates relatively stable performance across these segments during the reporting period, with minor fluctuations. The filing also clarifies how these metrics differ from those reported by the Lending Trust, which may have different characteristics due to securitization.
Key Highlights
- 1Provides delinquency and write-off statistics for U.S. Consumer Services (USCS) and U.S. Small Business Card Member lending portfolios for November and December 2016, and January 2017.
- 2USCS 30-day past due rate remained stable at 1.1% for November and December, increasing slightly to 1.2% in January 2017.
- 3USCS net write-off rate (principal only) was consistently 1.5% across all three months.
- 4U.S. Small Business 30-day past due rate also saw a slight increase from 1.1% to 1.2% over the period.
- 5U.S. Small Business net write-off rate fluctuated, starting at 1.2%, rising to 1.6% in December, and settling at 1.4% in January 2017.
- 6Total U.S. Consumer and Small Business loans were $56.1 billion, $58.2 billion, and $56.8 billion for the respective month-ends.
- 7Presents data for the American Express Credit Account Master Trust, showing stable annualized default rates (net of recoveries) between 1.1% and 1.2%.