Summary
This 8-K filing from American Express (AXP) provides updated credit performance statistics for its U.S. Consumer and U.S. Small Business Card Member loan portfolios for the months ending August 31, September 30, and October 31, 2019. The report also includes data for the American Express Credit Account Master Trust. Investors can use this information to gauge the health of American Express's loan portfolios and its risk management. Key metrics presented include total loans, 30-day past due percentages, and net write-off rates for both consumer and small business segments. Additionally, data on the securitized portfolio, such as ending principal balance, defaulted amounts, and annualized default rates, are provided. While overall loan volumes remained relatively stable across the reported months, slight fluctuations in delinquency and write-off rates offer insights into credit quality trends.
Key Highlights
- 1Furnishes updated delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card Member lending portfolios for August, September, and October 2019.
- 2U.S. Consumer Card Member loans totaled approximately $60 billion, with 30-day past due rates ranging from 1.5% to 1.6% and net write-off rates between 2.0% and 2.3%.
- 3U.S. Small Business Card Member loans totaled approximately $13.4-$13.7 billion, with 30-day past due rates around 1.2%-1.3% and net write-off rates between 1.7% and 1.9%.
- 4Total combined U.S. Consumer and Small Business Card Member loans were around $73.2-$73.7 billion.
- 5Provides credit performance data for the American Express Credit Account Master Trust, including ending principal balance, defaulted amounts, and annualized default rates.
- 6The trust's ending principal balance was stable at approximately $30.1 billion in September and October 2019.
- 7Annualized default rates for the trust, net of recoveries, were consistent at 1.5%-1.6% for the reported periods.