Summary
American Express Company (AXP) filed an 8-K on July 15, 2022, to provide updated statistics on its U.S. Consumer and U.S. Small Business Card Member lending portfolios for the months ending April 30, May 31, and June 30, 2022, as well as the second quarter of 2022. The filing presents preliminary data on loan balances, delinquency rates, and net write-off rates. This information is furnished to provide additional context beyond the data reported in the American Express Credit Account Master Trust's Form 10-D filings, noting that the securitized loans may have different characteristics than the total loan portfolios. Key takeaways from the furnished data indicate stable credit performance. For the U.S. Consumer Card Member loans, total loans increased to $63.7 billion by June 30, 2022, with 30-day past due rates holding steady at 0.7% and net write-off rates showing a slight decrease to 0.8% for the three months ended June 30, 2022. Similarly, U.S. Small Business Card Member loans saw total loans reach $19.4 billion, with 30-day past due rates remaining low at 0.6% and net write-off rates consistent at 0.6% for the quarter. The overall credit metrics appear robust, suggesting a healthy underlying borrower base.
Key Highlights
- 1Furnished preliminary delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card Member lending portfolios for April, May, and June 2022.
- 2U.S. Consumer Card Member loans grew to $63.7 billion by June 30, 2022.
- 330-day past due rate for U.S. Consumer Card Member loans remained stable at 0.7% across the reported months.
- 4Net write-off rate for U.S. Consumer Card Member loans for the three months ended June 30, 2022, was 0.8%.
- 5U.S. Small Business Card Member loans reached $19.4 billion by June 30, 2022.
- 630-day past due rate for U.S. Small Business Card Member loans remained consistently at 0.6%.
- 7Net write-off rate for U.S. Small Business Card Member loans for the three months ended June 30, 2022, was 0.6%.