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 May 31, April 30, and March 31, 2022. The report indicates stable credit performance across both portfolios during this period. Total outstanding U.S. Consumer Card Member loans increased from $59.1 billion in March to $62.9 billion in May, while U.S. Small Business loans grew from $18.1 billion to $19.0 billion over the same timeframe. Delinquency rates remained low and consistent, with 30-day past due percentages holding steady at 0.7% for U.S. Consumer and fluctuating slightly between 0.5% and 0.6% for U.S. Small Business. The net write-off rates, which exclude interest and fees, also showed resilience. For the U.S. Consumer portfolio, the rate was 0.9% for May and April, up slightly from 0.8% in March. The U.S. Small Business portfolio saw its net write-off rate at 0.7% in May and March, with a dip to 0.6% in April. The filing also includes separate data for the American Express Credit Account Master Trust (Lending Trust), which represents securitized assets. This data generally mirrors the stable trend observed in the broader portfolios, with annualized default rates remaining low.
Key Highlights
- 1American Express (AXP) reported stable credit performance for its U.S. Consumer and U.S. Small Business Card Member lending portfolios.
- 2Total U.S. Consumer loans grew to $62.9 billion as of May 31, 2022, up from $59.1 billion as of March 31, 2022.
- 3Total U.S. Small Business loans increased to $19.0 billion as of May 31, 2022, up from $18.1 billion as of March 31, 2022.
- 430-day past due delinquency rates remained low and consistent, at 0.7% for U.S. Consumer and between 0.5%-0.6% for U.S. Small Business.
- 5Net write-off rates for the U.S. Consumer portfolio were stable at 0.9% in May and April, with a slight increase from 0.8% in March.
- 6Net write-off rates for the U.S. Small Business portfolio were generally stable, ranging from 0.6% to 0.7%.
- 7The filing also provides credit performance data for the American Express Credit Account Master Trust (Lending Trust), showing consistent low default rates.