Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on December 15, 2021, under Item 7.01 Regulation FD Disclosure. The report provides supplemental credit performance statistics for the U.S. Consumer Card Member and U.S. Small Business Card Member lending portfolios for the months ended September 30, October 31, and November 30, 2021.
Key Financial Metrics
The filing details loan balances, delinquency rates, and net write-off rates for specific segments. It does not report consolidated revenue, profit, cash flow, or liquidity metrics.
| Metric | Nov 2021 | Oct 2021 | Sep 2021 |
|---|---|---|---|
| U.S. Consumer Total Loans ($B) | 57.1 | 54.8 | 52.6 |
| U.S. Consumer 30+ Days Past Due (%) | 0.7% | 0.7% | 0.7% |
| U.S. Consumer Net Write-off Rate (%) | 0.5% | 0.6% | 0.4% |
| U.S. Small Business Total Loans ($B) | 16.2 | 15.6 | 14.8 |
| U.S. Small Business 30+ Days Past Due (%) | 0.5% | 0.5% | 0.5% |
| U.S. Small Business Net Write-off Rate (%) | 0.5% | 0.5% | 0.4% |
| Total Card Member Loans ($B) | 73.3 | 70.4 | 67.5 |
Lending Trust Data (Securitized Loans): For the period ending November 30, 2021, the American Express Credit Account Master Trust reported an ending principal balance of $25.2 billion, a defaulted amount of $0.02 billion, and an annualized default rate of 0.5%.
Material Changes
- Loan Growth: Total Card Member loans increased from $67.5 billion in September to $73.3 billion in November 2021.
- Delinquency Stability: The 30+ days past due ratio remained stable at 0.7% for U.S. Consumer loans and 0.5% for U.S. Small Business loans across all three months.
- Write-off Fluctuation: The U.S. Consumer net write-off rate rose to 0.5% in November from 0.4% in September, while the U.S. Small Business rate remained at 0.5% in November after being 0.4% in September.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the disclosure of credit statistics. The document notes that credit performance of the securitized Lending Trust may differ from the total portfolio due to differences in loan mix, vintage, aging, and calculation mechanics (e.g., end-of-period balances vs. average balances).
Investor Verification Checklist
- Verify the trend in net write-off rates for the U.S. Consumer segment, which increased from 0.4% in September to 0.5% in November.
- Confirm the distinction between the total portfolio statistics provided here and the securitized Lending Trust data reported in separate Form 10-D filings.
- Monitor the stability of the 30+ days past due ratios, which have remained flat at 0.7% (Consumer) and 0.5% (Small Business) for three consecutive months.
- Note that the filing does not provide consolidated financial results; refer to the most recent 10-Q or 10-K for revenue and earnings data.