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

American Express Co. AXP disclosed Wednesday February data on delinquencies for its U.S. consumer and small business card member business, which showed increases from the last two months. For consumer card members, the number of loans that were 30 days past due, as 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.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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