Summary
This 8-K filing from American Express (AXP) on September 15, 2017, provides updated credit performance statistics for its U.S. Consumer Services (USCS) and U.S. Small Business Card Member lending portfolios for the months of June, July, and August 2017. The report details key metrics such as total loans, 30-day delinquency rates, and net write-off rates for both consumer and small business segments. Investors can use this information to monitor the credit quality of Amex's loan book. The data indicates relatively stable delinquency and write-off rates across both segments during the reported period, suggesting no significant deterioration in credit risk. The filing also clarifies differences in reporting methodologies between the company's total portfolios and securitized assets held in the American Express Credit Account Master Trust.
Key Highlights
- 1AXP is providing updated monthly delinquency and write-off statistics for its U.S. Consumer Services and U.S. Small Business lending portfolios.
- 2For the U.S. Consumer Services segment, 30-day past due rates remained stable at 1.1% in June and increased slightly to 1.2% in July and August.
- 3Net write-off rates for U.S. Consumer Services increased slightly from 1.7% in June to 1.8% in July and August.
- 4For the U.S. Small Business segment, 30-day past due rates were consistently 1.1% across the three months.
- 5Net write-off rates for U.S. Small Business were more variable, starting at 1.6% in June, rising to 1.9% in July, and returning to 1.6% in August.
- 6Total U.S. Consumer and Small Business Card Member loans grew from $58.5 billion to $59.9 billion over the three-month period.
- 7The filing includes separate data for the American Express Credit Account Master Trust, showing stable annualized default rates (net of recoveries) between 1.3% and 1.5%.