Summary
This 8-K filing by American Express Co. (AXP) provides an update on the delinquency and write-off rates for its U.S. Consumer and U.S. Small Business Card Member lending portfolios as of and for the months ending August 31, July 31, and June 30, 2022. The report also includes credit performance statistics for the American Express Credit Account Master Trust for the same periods. Overall, the provided data suggests stable credit performance across both consumer and small business portfolios, with 30-day past due rates remaining low and consistent. Net write-off rates also show minimal fluctuation. Investors should note that the data presented here is supplementary to the information reported in the Lending Trust's 10-D filings and may differ due to variations in loan characteristics and calculation methodologies.
Key Highlights
- 1U.S. Consumer Card Member loans saw total loans increase from $63.7 billion in June 2022 to $65.9 billion in August 2022.
- 230 days past due rates for U.S. Consumer loans remained stable at 0.7% or 0.8% across the reported months.
- 3Net write-off rates for U.S. Consumer loans stayed consistent at 0.8% for the period.
- 4U.S. Small Business Card Member loans also showed an increase in total loans, rising from $19.4 billion to $20.2 billion between June and August 2022.
- 530 days past due rates for U.S. Small Business loans were consistently low, at 0.6% or 0.7%.
- 6Net write-off rates for U.S. Small Business loans were also stable, ranging from 0.6% to 0.7%.
- 7The American Express Credit Account Master Trust reported stable annualized default rates, net of recoveries, between 0.5% and 0.6%.