Summary
This 8-K filing from 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 September 30, October 31, and November 30, 2024. The report details delinquency and net write-off rates, offering investors insights into the company's risk management and asset quality. The data indicates stable delinquency rates across both segments, with the U.S. Consumer portfolio showing a consistent 1.4% 30-day past due rate and the U.S. Small Business portfolio at 1.5%.
Key Highlights
- 1Delinquency rates for U.S. Consumer loans remained stable at 1.4% for the three months ending September 30, October 31, and November 30, 2024.
- 2Delinquency rates for U.S. Small Business loans were consistently 1.5% for the same three-month period.
- 3Net write-off rates for U.S. Consumer loans fluctuated, showing 1.9% in September, 2.4% in October, and 2.0% in November.
- 4Net write-off rates for U.S. Small Business loans increased slightly from 2.1% in September to 2.3% in November, with 2.2% in October.
- 5Total U.S. Card Member loans (Consumer and Small Business combined) grew from $116.7 billion in September to $120.0 billion in November.
- 6The filing also provides credit performance data for the American Express Credit Account Master Trust, showing a stable annualized default rate, net of recoveries, at 1.3% or 1.5%.