AXP July credit stats: consumer net write-off 1.7%, small biz 2.6%; balances flat

AMERICAN EXPRESS CO

U.S. Consumer card balances $113.1B at July 31; 30+ days past due 1.1%; net write-off rate 1.7% for July.
U.S. Small Business card balances $46.1B; 30+ days past due 1.3%; net write-off rate 2.6% for July.
June net write-off rates adjusted for sale of written-off balances: consumer cut by 0.3pp, small business by 0.1pp.
Lending Trust: ending principal $24.9B; annualized default rate 1.1% for July vs 0.7% June (adjusted).

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