Summary
This 8-K filing from American Express (AXP) provides an update on key credit performance metrics for its U.S. Consumer and U.S. Small Business card member lending portfolios as of August 31, 2024, and for the preceding two months. The report is furnished to provide additional information beyond the data reported in the company's securitization trust filings. Investors should note that the presented statistics are for the total portfolios, which include both securitized and non-securitized loans, and may differ from the performance of the securitized assets alone. Overall, the presented delinquency and net write-off rates for the U.S. Consumer and U.S. Small Business portfolios remained relatively stable across the reported months. The 30-day delinquency rate held steady at 1.3% for U.S. Consumer loans and 1.4% for U.S. Small Business loans. Net write-off rates also showed minimal fluctuation, with the U.S. Consumer portfolio at 2.2% for August and the U.S. Small Business portfolio at 2.3%. The filing also includes data for the American Express Credit Account Master Trust, indicating a stable annualized default rate, net of recoveries, in the 1.2% to 1.5% range for the respective periods.
Key Highlights
- 1U.S. Consumer 30-day delinquency rate remained stable at 1.3% for August 2024.
- 2U.S. Small Business 30-day delinquency rate remained stable at 1.4% for August 2024.
- 3U.S. Consumer net write-off rate was 2.2% for August 2024, with minor fluctuations in prior months.
- 4U.S. Small Business net write-off rate was 2.3% for August 2024, with minor fluctuations in prior months.
- 5Total U.S. Consumer and Small Business card member loans stood at $117.4 billion as of August 31, 2024.
- 6The American Express Credit Account Master Trust reported a stable annualized default rate, net of recoveries, between 1.2% and 1.5% for June, July, and August 2024.