Summary
This 8-K filing by American Express (AXP) provides updated credit performance statistics for its U.S. Consumer and U.S. Small Business Card Member lending portfolios for the months ending August 31, July 31, and June 30, 2019. The report details delinquency rates and net write-off rates, offering investors insight into the company's credit risk management. While overall loan balances showed a modest increase, the reported delinquency and write-off metrics remained relatively stable, suggesting consistent credit quality within these key segments during the period. The filing also includes specific data for the American Express Credit Account Master Trust, a securitized portfolio. It's important for investors to note that the Lending Trust's statistics may differ from the aggregate portfolio data due to variations in loan characteristics and calculation methodologies. However, the trends in both datasets provide a consistent picture of manageable credit performance for American Express during the observed months.
Key Highlights
- 1Furnishes delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card Member lending portfolios.
- 2Data covers the months ending August 31, July 31, and June 30, 2019.
- 3U.S. Consumer Card Member loans: 30-day past due rate remained stable at 1.4%-1.5%, and net write-off rate increased slightly from 2.2% to 2.3%.
- 4U.S. Small Business Card Member loans: 30-day past due rate was stable at 1.2%-1.3%, with net write-off rate increasing slightly from 1.7% to 1.9%.
- 5Total Card Member loans for these segments grew from $72.6 billion to $73.3 billion over the period.
- 6Provides separate credit performance data for the American Express Credit Account Master Trust (a securitized portfolio).
- 7Clarifies that Lending Trust statistics may differ from aggregate portfolio data due to methodology and loan mix variations.