IMGCAP(1)]
American Express Co. today reported that the managed net charge-off rate on its U.S. card services fell to 9.9% in June from 10% the previous month, which the company said was better than it had previously expected.
The New York-based company's 30-day delinquency rate for managed credit cards fell to 4.4% from 4.7% in May, according to a U.S. Securities and Exchange Commission filing.
AmEx said in a statement today that assuming delinquency and bankruptcy trends continue to be below previously expected levels, the company believes that it is "highly likely" that its net write-off rate for the second half of the year will be better than previously forecast.
AmEx in April said it expected charge-off rates for the second quarter to increase 200 to 250 basis points above the 8.5% charge-off rate for U.S. card receivables it reported for the quarter ended March 31.
