AMERICAN EXPRESS CO
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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FY2023 · Filed Feb 9, 2024
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Item 8. Consolidated Financial Statements
| Year Ended December 31 (Millions, except per share amounts) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Revenues | |||
| Non-interest revenues | |||
| Discount revenue | $33,416 | $30,739 | $24,563 |
| Net card fees | 7,255 | 6,070 | 5,195 |
| Service fees and other revenue | 5,005 | 4,521 | 3,316 |
| Processed revenue | 1,705 | 1,637 | 1,556 |
| Total non-interest revenues | 47,381 | 42,967 | 34,630 |
| Interest income | |||
| Interest on loans | 17,697 | 11,967 | 8,850 |
| Interest and dividends on investment securities | 128 | 96 | 83 |
| Deposits with banks and other | 2,158 | 595 | 100 |
| Total interest income | 19,983 | 12,658 | 9,033 |
| Interest expense | |||
| Deposits | 4,865 | 1,527 | 458 |
| Long-term debt and other | 1,984 | 1,236 | 825 |
| Total interest expense | 6,849 | 2,763 | 1,283 |
| Net interest income | 13,134 | 9,895 | 7,750 |
| Total revenues net of interest expense | 60,515 | 52,862 | 42,380 |
| Provisions for credit losses | |||
| Card Member receivables | 880 | 627 | (73) |
| Card Member loans | 3,839 | 1,514 | (1,155) |
| Other | 204 | 41 | (191) |
| Total provisions for credit losses | 4,923 | 2,182 | (1,419) |
| Total revenues net of interest expense after provisions for credit losses | 55,592 | 50,680 | 43,799 |
| Expenses | |||
| Card Member rewards | 15,367 | 14,002 | 11,007 |
| Business development | 5,657 | 4,943 | 3,762 |
| Card Member services | 3,968 | 2,959 | 1,993 |
| Marketing | 5,213 | 5,458 | 5,291 |
| Salaries and employee benefits | 8,067 | 7,252 | 6,240 |
| Other, net | 6,807 | 6,481 | 4,817 |
| Total expenses | 45,079 | 41,095 | 33,110 |
| Pretax income | 10,513 | 9,585 | 10,689 |
| Income tax provision | 2,139 | 2,071 | 2,629 |
| Net income | $8,374 | $7,514 | $8,060 |
| Earnings per Common Share — (Note 21)(a) | |||
| Basic | $11.23 | $9.86 | $10.04 |
| Diluted | $11.21 | $9.85 | $10.02 |
| Average common shares outstanding for earnings per common share: | |||
| Basic | 735 | 751 | 789 |
| Diluted | 736 | 752 | 790 |
(a)Represents net income less (i) earnings allocated to participating share awards of $64 million, $57 million and $56 million for the years ended December 31, 2023, 2022 and 2021, respectively, (ii) dividends on preferred shares of $58 million, $57 million and $71 million for the years ended December 31, 2023, 2022 and 2021, respectively, and (iii) equity-related adjustments of $16 million related to the redemption of preferred shares for the year ended December 31, 2021.
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