User 183867

American Express: False Sense of Security?

Amex's Q1 provision for losses on the charge card went up 65% YoY while net charge-offs went up 32%. Charge card receivables increased 7% YoY.

For cardmember loans (revolving credit), provisions for credit losses increased 43% YoY and net charge-offs were up 58% while loans increased 17% YoY. The coverage of loan loss allowances to delinquencies increased YoY to 101% from 100% last year.

I don't know where your numbers are coming from, but those are the numbers as I see them.