Summary
This 8-K filing by American Express (AXP) provides an update on the credit performance of its U.S. Consumer and U.S. Small Business Card Member lending portfolios for the months ending February 29, March 31, and April 30, 2024. The data furnished is supplementary to the information reported in the company's Lending Trust's Form 10-D filings and includes key metrics such as total loans, 30-day delinquency rates, and net write-off rates. Overall, the presented statistics indicate a stable to slightly improving credit environment for American Express's U.S. card member portfolios during the first four months of 2024. Delinquency rates remained consistent, and while net write-off rates saw minor fluctuations, they stayed within a comparable range across the reported periods. Investors will find this information useful for assessing the company's credit risk management and the underlying health of its loan portfolios, which are critical to its profitability.
Key Highlights
- 1Furnishes delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card Member lending portfolios for February, March, and April 2024.
- 2U.S. Consumer total loans increased from $80.4 billion in February to $82.6 billion in April.
- 3U.S. Consumer 30-day past due loans as a percentage of total loans remained stable at 1.4% in March and April, slightly down from 1.5% in February.
- 4U.S. Consumer net write-off rate (principal only) was 2.5% in April, up slightly from 2.3% in March but comparable to 2.4% in February.
- 5U.S. Small Business total loans grew from $26.5 billion in February to $27.7 billion in April.
- 6U.S. Small Business 30-day past due loans as a percentage of total loans showed minor fluctuations, ending at 1.4% in April, down from 1.5% in March and February.
- 7U.S. Small Business net write-off rate (principal only) decreased to 2.2% in April from 2.4% in March and 2.3% in February.