Summary
This 8-K filing from American Express Company (AXP) provides an update on delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card Member lending portfolios as of and for the periods ending September 30, 2023, and also includes data for the American Express Credit Account Master Trust. The information is furnished to provide additional context beyond what is reported in the company's regular SEC filings. Overall, the preliminary data for the three months ended September 30, 2023, indicates stable credit performance. Delinquency rates for both U.S. Consumer and U.S. Small Business card members remained consistent or slightly improved, while net write-off rates also showed a stabilizing trend. These metrics are crucial for investors to assess the health of American Express's loan portfolios and its risk management effectiveness, especially in the current economic environment.
Key Highlights
- 1Provides preliminary delinquency and write-off statistics for U.S. Consumer and U.S. Small Business card member loan portfolios for September 2023.
- 2U.S. Consumer 30-day past due loans as a percentage of total loans stood at 1.3% for September 2023, consistent with August.
- 3U.S. Small Business 30-day past due loans as a percentage of total loans remained stable at 1.2% for September 2023.
- 4Net write-off rate for U.S. Consumer loans was 1.7% for the three months ended September 30, 2023.
- 5Net write-off rate for U.S. Small Business loans was 1.8% for the three months ended September 30, 2023.
- 6Total card member loans for U.S. Consumer and U.S. Small Business combined reached $102.9 billion as of September 30, 2023.
- 7Includes credit performance data for the American Express Credit Account Master Trust, showing a stable annualized default rate of 1.2% in September 2023.