Summary
This 8-K filing by American Express Co. (AXP) provides updated credit performance statistics for its U.S. Consumer and U.S. Small Business Card Member lending portfolios, as well as for the American Express Credit Account Master Trust. The information is furnished as of and for the months ended July 31, June 30, and May 31, 2023, offering investors a near real-time look at key credit metrics. Overall, the data indicates stable credit quality across both the U.S. Consumer and U.S. Small Business portfolios for the period. Delinquency rates remained consistent, and net write-off rates showed only minor fluctuations, suggesting that current economic conditions are not significantly impacting the company's loan book. The furnished data supplements information typically reported in the company's 10-D filings, providing a more consolidated view of credit trends for investors monitoring American Express's financial health.
Key Highlights
- 1U.S. Consumer Card Member loans totaled $77.3 billion as of July 31, 2023.
- 2U.S. Small Business Card Member loans totaled $24.2 billion as of July 31, 2023.
- 3The 30-day past due rate for U.S. Consumer loans remained stable at 1.1% for all three reported months.
- 4The 30-day past due rate for U.S. Small Business loans was stable at 1.2% for June and July, and 1.1% for May.
- 5Net write-off rate for U.S. Consumer loans was 1.8% for July and June, and 1.6% for May.
- 6Net write-off rate for U.S. Small Business loans was 1.8% for July, and 1.7% for June and May.
- 7The American Express Credit Account Master Trust reported an annualized default rate, net of recoveries, of 1.2% for July 2023, up slightly from 1.1% in June and 1.0% in May.