Summary
This 8-K filing from American Express (AXP) on October 16, 2017, provides updated credit performance statistics for its U.S. Consumer Services (USCS) and U.S. Small Business lending portfolios for the months of July, August, and September 2017, as well as the third quarter of 2017. The report details delinquency rates and net write-off rates, offering investors a snapshot of the company's credit quality trends during the period. Key takeaways suggest a stable to slightly improving credit environment. Delinquency rates remained consistent, and net write-off rates showed a slight decline, particularly for the U.S. Small Business segment. The filing also includes information on the American Express Credit Account Master Trust (Lending Trust), highlighting its credit performance, which appears consistent with the broader portfolios, though direct comparisons require understanding of differing calculation methodologies.
Key Highlights
- 1Provides delinquency and net write-off statistics for U.S. Consumer Services (USCS) and U.S. Small Business portfolios for July, August, September 2017, and Q3 2017.
- 2USCS 30-day past due rate remained stable at 1.2%-1.3% of total loans.
- 3USCS net write-off rate decreased to 1.6% in September 2017, from 1.8% in previous months.
- 4U.S. Small Business 30-day past due rate was consistently low at 1.1% of total loans.
- 5U.S. Small Business net write-off rate showed a declining trend, reaching 1.4% in September 2017.
- 6Total U.S. Consumer and Small Business loans stood at $59.9 billion as of September 30, 2017.
- 7Includes credit performance data for the American Express Credit Account Master Trust (Lending Trust), showing stable annualized default rates.