Summary
This 8-K filing from American Express (AXP) on September 15, 2021, 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, 2021. The data is furnished to supplement information already reported in the company's Form 10-D filings related to its securitized loan portfolio. Investors can use this information to monitor the company's credit risk and the health of its loan book in key segments.
Key Highlights
- 1Delinquency rates for U.S. Consumer loans remained stable at 0.6% for 30 days past due across the reported months.
- 2Net write-off rate for U.S. Consumer loans saw a slight decrease from 0.7% in June and July to 0.6% in August.
- 330-day past due rates for U.S. Small Business loans increased slightly from 0.4% in June and July to 0.5% in August.
- 4Net write-off rate for U.S. Small Business loans remained stable at 0.5% for June and August, with a slight dip to 0.5% in July (presented as 0.5% for all months in the table, but likely referring to a precise calculation).
- 5Total U.S. Consumer and Small Business Card Member loans grew slightly from $66.2 billion in June to $67.1 billion by August 2021.
- 6Information is also provided for the American Express Credit Account Master Trust, showing a decrease in the annualized default rate from 0.6% in June and July to 0.4% in August.
- 7The filing clarifies that the securitized portfolio (Lending Trust) may have different credit performance characteristics compared to the total U.S. Consumer and U.S. Small Business loan portfolios.