AmEx Jan U.S. Consumer net write-off rate 2.3%, Small Biz 2.5% — both up from Dec

AMERICAN EXPRESS CO

U.S. Consumer 30+ day delinquency rate flat at 1.4%; net write-off rate rose to 2.3% from 2.1% in Dec.
U.S. Small Business 30+ day delinquency 1.6% (up 10 bps); net write-off rate 2.5%, up from 2.4% in Dec.
Total U.S. Consumer+Small Biz loans $119.5B at Jan 31; $758M Lowe's cobrand loans reclassified to held for sale.
Lending Trust annualized default rate rose to 1.5% for Jan from 1.2% in Dec; total defaulted $0.05B.
All write-off rates are principal-only; metrics exclude the reclassified Lowe's portfolio.

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