Summary
This 8-K filing from American Express (AXP) provides updated delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card Member lending portfolios for the months ending June 30, July 31, and August 31, 2018. Investors will find this information useful for assessing the credit quality and risk profile of the company's loan book. The data offers a granular view into key performance indicators, allowing for monitoring of credit trends within these significant operating segments. The report also includes details on the credit performance of the American Express Credit Account Master Trust. While the trust's data is derived from securitized loans and may differ in characteristics from the overall portfolios, it provides an additional layer of insight into the company's credit performance, especially concerning securitized assets. Investors should note the slight variations in reporting methodologies between the total portfolios and the securitized trust data.
Key Highlights
- 1Furnishes delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card Member lending portfolios for June, July, and August 2018.
- 2U.S. Consumer Card Member loans: Total loans increased from $54.7 billion to $55.6 billion over the period.
- 3U.S. Consumer Card Member loans: 30-day past due rate remained stable at 1.3% for June, July, and August.
- 4U.S. Consumer Card Member loans: Net write-off rate (principal only) increased from 2.0% in June to 2.2% in July and August.
- 5U.S. Small Business Card Member loans: Total loans fluctuated between $11.6 billion and $11.8 billion.
- 6U.S. Small Business Card Member loans: 30-day past due rate decreased slightly from 1.2% in June to 1.1% in July and August.
- 7U.S. Small Business Card Member loans: Net write-off rate (principal only) was more volatile, ranging from 1.6% to 2.0% during the period.