Summary
This 8-K filing from American Express (AXP) provides an update on credit performance metrics for its U.S. Consumer and U.S. Small Business Card Member lending portfolios as of and for the months ending May 31, April 30, and March 31, 2021. The company is furnishing this data to supplement information already reported by the American Express Credit Account Master Trust (Lending Trust). Key takeaways indicate stable to improving credit quality across both segments. Delinquency rates for U.S. Consumer loans saw a slight decrease from 0.9% in March to 0.7% in May, while U.S. Small Business loan delinquencies remained stable at 0.5%-0.6%. Net write-off rates for both consumer and small business segments remained within a low range, with consumer write-offs at 1.1% and small business at 0.6%-0.7% as of May 31, 2021. The data suggests robust credit management and a resilient borrower base during the reported period.
Key Highlights
- 1Provides updated U.S. Consumer and U.S. Small Business loan portfolio statistics (delinquency and write-off rates) for March, April, and May 2021.
- 2U.S. Consumer Card Member loans saw a decrease in 30-day past due loans from 0.9% in March to 0.7% in May.
- 3U.S. Small Business Card Member loans maintained a consistent 30-day past due rate, ranging between 0.5% and 0.6% over the three months.
- 4Net write-off rate for U.S. Consumer Card Member loans was 1.1% as of May 31, 2021, consistent with prior months.
- 5Net write-off rate for U.S. Small Business Card Member loans was 0.6% as of May 31, 2021, showing a slight improvement from 0.7% in March and April.
- 6Total Card Member loans for U.S. Consumer and Small Business segments grew from $61.6 billion in March to $65.3 billion in May.
- 7Includes supplemental data on the American Express Credit Account Master Trust, showing stable annualized default rates and low 30+ days delinquent amounts.