AMERICAN EXPRESS COMPANY (NYSE:AXP) Files An 8-K Regulation FD Disclosure
Item 7.01
|
Regulation FD Disclosure
|
delinquency and write-off statistics for the Card Member lending
portfolio of its U.S. Consumer Services (USCS) operating segment
and the U.S. Small Business Card Member lending portfolio of its
Global Commercial Services operating segment for the months ended
March 31, April 30 and May 31, 2017.
2017
|
March 31,
|
April 30,
|
May 31,
|
||||||||||
|
USCS Card Member loans:
|
||||||||||||
|
Total loans
|
$
|
46.7
|
$
|
47.5
|
$
|
48.4
|
||||||
|
30 days past due loans as a % of total
|
1.2
|
%
|
1.1
|
%
|
1.1
|
%
|
||||||
|
Average loans
|
$
|
46.5
|
$
|
47.1
|
$
|
47.9
|
||||||
|
Net write-off rate principal only (a)
|
1.8
|
%
|
1.8
|
%
|
1.8
|
%
|
||||||
|
U.S. Small Business Card Member loans:
|
||||||||||||
|
Total loans
|
$
|
9.9
|
$
|
10.1
|
$
|
10.1
|
||||||
|
30 days past due loans as a % of total
|
1.2
|
%
|
1.2
|
%
|
1.1
|
%
|
||||||
|
Average loans
|
$
|
9.7
|
$
|
10.0
|
$
|
10.1
|
||||||
|
Net write-off rate principal only (a)
|
1.8
|
%
|
1.5
|
%
|
1.5
|
%
|
||||||
|
Total U.S. Consumer and Small Business Card Member loans
|
$
|
56.6
|
$
|
57.5
|
$
|
58.5
|
|
(a)
|
Net write-off rate based on principal only (i.e.,
excluding interest and /or fees). |
additional to the data reported by the American Express Credit
Account Master Trust (the Lending Trust) in its monthly Form 10-D
report filed with the Securities and Exchange Commission. The
Card Member loans that have been securitized through the Lending
Trust do not possess identical characteristics with those of the
total USCS or U.S. Small Business Card Member loan portfolios,
which include all securitized and non-securitized Card Member
loans. The reported credit performance of the Lending Trust may,
on a month-to-month basis, be better or worse as a result of,
among other things, differences in the mix, vintage and aging of
loans, the use of end-of-period principal loan balances to
calculate write-off statistics in the Lending Trust compared to
the use of average loan balances over the reporting period used
in the statistics of the USCS and U.S. Small Business Card Member
loan portfolios, as well as other mechanics of the calculation
for the Lending Trust net write-off rate, which is impacted by
any additions to the Lending Trust within a particular period.
performance of the Lending Trust for its three most recent
monthly reporting periods, as reported in its Form 10-D
report filed with respect to each such period.
|
March 1, 2017
through
March 31, 2017
|
April 1, 2017
through
April 30, 2017
|
May 1, 2017
through
May 31, 2017
|
||||||||||
|
Ending total principal balance
|
$
|
23.7
|
$
|
23.9
|
$
|
24.1
|
||||||
|
Defaulted amount
|
$
|
0.04
|
$
|
0.04
|
$
|
0.04
|
||||||
|
Annualized default rate, net of recoveries
|
1.4
|
%
|
1.5
|
%
|
1.3
|
%
|
||||||
|
Total 30 days delinquent
|
$
|
0.2
|
$
|
0.2
|
$
|
0.2
|
About AMERICAN EXPRESS COMPANY (NYSE:AXP)
American Express Company is a services company. The Company’s principal products and services are charge and credit payment card products, and travel-related services offered to consumers and businesses around the world. The Company’s segments include U.S. Consumer Services (USCS), International Consumer and Network Services (ICNS), Global Commercial Services (GCS) and Global Merchant Services (GMS). The USCS segment includes the U.S. Consumer Card Services business and travel services in the United States. The ICNS segment includes the International Consumer Card Services business, Global Network Services (GNS) business and travel services outside the United States. The GCS segment includes the Global Corporate Payments (GCP) business, small business services businesses in the United States and internationally, merchant financing products and foreign exchange services operations. The GMS segment includes the Global Merchant Services business and global loyalty coalition businesses.