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 as of and for the months ending July, August, and September 2022. The data is presented as preliminary for the three months ended September 30, 2022. Investors can use this information to monitor the credit quality of AXP's loan portfolios. The report indicates relatively stable credit performance across both consumer and small business segments. Delinquency rates remained low, with 30-day past due percentages hovering around 0.9% for U.S. Consumer and 0.7% for U.S. Small Business loans. Net write-off rates for principal only were also stable, at 0.8% for consumer and 0.7% for small business loans. The company also provided data for its American Express Credit Account Master Trust, showing consistent annualized default rates and low levels of 30+ day delinquencies.
Key Highlights
- 1Preliminary credit performance data for U.S. Consumer and U.S. Small Business card member lending portfolios provided for July, August, and September 2022.
- 2U.S. Consumer 30-day past due loans remained low, at 0.9% of total loans as of September 30, 2022.
- 3U.S. Small Business 30-day past due loans were also stable at 0.7% of total loans as of September 30, 2022.
- 4Net write-off rates (principal only) for U.S. Consumer loans were consistently 0.8% for the period.
- 5Net write-off rates (principal only) for U.S. Small Business loans were consistent at 0.7% for the period.
- 6American Express Credit Account Master Trust reported stable annualized default rates, ranging from 0.5% to 0.6%, and low 30+ day delinquencies.