Summary
American Express Company (AXP) has filed an 8-K report providing an update on its U.S. Consumer and U.S. Small Business Card Member lending portfolios for the months of January, February, and March 2025, as well as the first quarter of 2025. The report focuses on delinquency and write-off statistics for loans held for investment, excluding a specific portion of the Lowe's small business cobrand portfolio reclassified as held for sale. Investors should note that these preliminary figures offer a snapshot of credit quality trends within these key portfolios.
Key Highlights
- 1Total U.S. Consumer and Small Business Card Member loans held for investment stood at $121.3 billion as of March 31, 2025, up from $118.0 billion in February.
- 2The 30-day past due rate for the U.S. Consumer portfolio remained stable at 1.4% for January, February, and March 2025.
- 3The U.S. Small Business portfolio also maintained a consistent 1.6% 30-day past due rate across the three months.
- 4The net write-off rate for the U.S. Consumer portfolio was 2.4% for the first quarter of 2025, a slight improvement from 2.5% in February but consistent with January.
- 5The net write-off rate for the U.S. Small Business portfolio was 2.6% for the first quarter of 2025, holding steady from the previous two months.
- 6The report clarifies that the presented figures exclude certain loans reclassified as held for sale, impacting the comparability with securitized loan data from the American Express Credit Account Master Trust.