American Express delinquencies on consumers, small business card member loans tick up in February

American Express Co. AXP,
disclosed Wednesday February data on delinquencies for its US consumer and small business card member businesses, which showed an increase from the last two months. For consumer card members, the number of loans that were 30 days past due, as the percentage of total loans, was 1.1% in February, up from 1.0% in both January and December. The net write-off rate was 1.4% in February, which is down from 1.5% in January but up form 1.2% in December. For small business card members, the delinquency rate increased to 1.1% in February from 1.0% in January and 0.9% in December, while the net write-off rate was 1.1% last month, down from 1.2% in January but up from 1.0% in December. The stock sank 4.2% in midday trading toward a seven-week low. It has tumbled 10.2% over the past five sessions, as the failures of SVB Financial Group’s SIVB,

Silicon Valley Bank and Signature Bank SBNY,
unfolded, while the Dow Jones Industrial Average DJIA,
has lost 1,285 points, or 3.9%, over the same time.

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