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- American Express’s (NYSE:AXP) consumer and small business credit card delinquency and net write-off rates stayed relatively stable during June, the company disclosed in an SEC filing on Monday. Meanwhile, lending activity ticked up during the month.
- U.S. consumer card member delinquency rate of 1.3% was unchanged from May. While higher than 1.1% a year ago, it remains below 1.4% in May 2019, before the pandemic sent shocks through the global economy.
- Its net write-off rate of 2.3% edged down from 2.4% in the prior month. That compares with 1.8% in June 2023 and 2.2% in June 2019.
- Total loans for its U.S. consumer card business rose ~1.2% to $85.0B at the end of June from $84.0B at the end of May.
- American Express’s (AXP) U.S. small business card member delinquency rate of 1.4% stayed unchanged from May and April. Net write-off rate of 2.4% slipped from 2.5% in the prior month.
- Its U.S. small business card member loans rose to $28.6B at June 30, 2024, from $28.2B at May 31, 2024.