AMERICAN EXPRESS CO

For the period ended Dec 31, 2024. Filed Feb 7, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 7, 2025

AXP$323.46-0.3%Stored close · as of Nov 10, 2026

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Contents

Statistical Disclosure by Bank Holding Companies A-

Appendix

STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

The accompanying supplemental information should be read in conjunction with the “MD&A,” “Consolidated Financial Statements” and notes thereto.

Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables provide a summary of our consolidated average balances including major categories of interest-earning assets and interest-bearing liabilities along with an analysis of net interest earnings. Consolidated average balances, interest, and average yields are segregated between U.S. and non-U.S. offices. Assets, liabilities, interest income and interest expense are attributed to the United States and outside the United States based on the location of the office recording such items.

2024 · 2023 · 2022
Years Ended December 31,(Millions, except percentages) · AverageBalance (a) · InterestIncome · AverageYield · AverageBalance (a) · InterestIncome · AverageYield · AverageBalance (a) · InterestIncome · AverageYield
Interest-earning assets
Interest-bearing deposits in banks and other (b)
U.S.	$43,425	$2,439	5.6%		$34,467		$1,895	5.5%		$22,164		$466	2.1%
Non-U.S.	2,098	163	7.8		2,173		229	10.5		2,005		95	4.7
Federal funds sold and securities purchased under agreements to resell
Non-U.S.	—	—	—		176		20	11.4		381		29	7.6
Short-term investment securities
U.S.	321	19	5.9		289		18	6.2		580		7	1.2
Non-U.S.	71	3	4.2		110		5	4.5		93		2	2.2
Card Member and Other loans, including Card Member loans HFS (c)
U.S.	121,701	18,793	15.4		105,819		15,656	14.8		86,810		10,525	12.1
Non-U.S.	17,224	2,302	13.4		15,258		2,041	13.4		12,642		1,442	11.4
Taxable investment securities (d)
U.S.	790	26	3.2		2,893		75	2.5		3,196		67	2.1
Non-U.S.	809	49	6.1		726		43	5.9		648		23	3.5
Non-taxable investment securities (d)
U.S.	22	1	5.8		22		1	5.6		29		2	9.8
Total interest-earning assets (e)	$186,461	$23,795	12.8%		$161,933		$19,983	12.3%		$128,548		$12,658	9.8%
U.S.	$166,259	$21,278		$143,490		$17,645			$112,779		$11,067
Non-U.S.	$20,202	$2,517		$18,443		$2,338			$15,769		$1,591

(b)Interest income primarily reflects interest on deposits from banks and dividends on investments in Federal Reserve stock.

(c)Amounts for 2024 include Card Member loans HFS and the associated interest income.

(d)Average yields for both taxable and non-taxable investment securities have been calculated using amortized cost balances and do not include changes in fair value recorded in other comprehensive loss. Average yield on non-taxable investment securities is calculated on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent for 2024, 2023 and 2022.

(e)The average yield on total interest-earning assets is adjusted for the impacts of the items mentioned in footnote (d).

Years Ended December 31, (Millions, except percentages)	2024Average Balance (a)	2023Average Balance (a)	2022Average Balance (a)
Non-interest-earning assets
Cash and due from banks
U.S.	$3,370	$3,281	$2,794
Non-U.S.	747	785	742
Card Member receivables, net
U.S.	33,046	34,269	34,527
Non-U.S.	25,003	23,182	19,973
Reserves for credit losses on Card Member and Other loans
U.S.	(5,070)	(3,978)	(2,972)
Non-U.S.	(421)	(409)	(272)
Other assets (b)
U.S.	18,808	17,414	16,489
Non-U.S.	6,068	5,940	5,650
Total non-interest-earning assets	81,551	80,484	76,931
U.S.	50,154	50,986	50,838
Non-U.S.	31,397	29,498	26,093
Total assets	268,012	242,417	205,479
U.S.	216,413	194,476	163,617
Non-U.S.	$51,599	$47,941	$41,862
Percentage of total average assets attributable to non-U.S. activities	19.3%	19.8%	20.4%

(b)Includes premises and equipment, net of accumulated depreciation and amortization.

2024 · 2023 · 2022
Years Ended December 31,(Millions, except percentages) · AverageBalance (a) · InterestExpense · AverageRate · AverageBalance (a) · InterestExpense · AverageRate · AverageBalance (a) · InterestExpense · AverageRate
Interest-bearing liabilities
Customer deposits
U.S.
Savings accounts	$101,705		$4,210			4.1%			$84,913			$3,320			3.9%		$70,990		$961	1.4%
Checking accounts	1,677		29			1.7			1,189			37			3.1		468		6	1.3
Certificates of deposit	14,696		608			4.1			18,352			677			3.7		9,357		254	2.7
Sweep accounts	15,419		845			5.5			15,676			824			5.3		15,039		301	2.0
Non-U.S.
Certificates of deposit and other deposits	15		3			20.0			15			7			46.7		17		5	29.4
Short-term borrowings
U.S.	3		—			—			41			—			—		8		—	—
Non-U.S.	1,574		37			2.4			1,489			29			1.9		1,894		19	1.0
Long-term debt and other (b)
U.S.	50,905		2,503			4.9			44,283			1,929			4.4		39,322		1,197	3.0
Non-U.S.	230		17			7.4			244			26			10.7		273		20	7.3
Total interest-bearing liabilities	$186,224		$8,252			4.4%			$166,202			$6,849			4.1%		$137,368		$2,763	2.0%
U.S.	$184,405		$8,195					$164,454			$6,787					$135,184		$2,719
Non-U.S.	$1,819		$57					$1,748			$62					$2,184		$44
Non-interest-bearing liabilities
Accounts payable
U.S.	$5,634						$5,609							$4,982
Non-U.S.	7,554						6,806							5,796
Customer deposits(c)
U.S.	516						524							534
Non-U.S.	423						444							474
Other liabilities
U.S.	29,080						27,345							25,080
Non-U.S.	9,021						8,607							7,865
Total non-interest-bearing liabilities	52,228						49,335							44,731
U.S.	35,230						33,478							30,596
Non-U.S.	16,998						15,857							14,135
Total liabilities	238,452						215,537							182,099
U.S.	219,635						197,932							165,780
Non-U.S.	18,817						17,605							16,319
Total shareholders’ equity	29,560						26,880							23,380
Total liabilities and shareholders’ equity	$268,012						$242,417							$205,479
Percentage of total average liabilities attributable to non-U.S. activities	7.9%						8.2%							9.0%
Interest rate spread				8.4%							8.2%						7.8%
Net interest income and net average yield on interest-earning assets(d)`		$15,543			8.3%					$13,134			8.1%				$9,895		7.7%

(b)Interest expense primarily reflects interest on long-term financing and interest incurred on derivative instruments in qualifying hedging relationships on the hedged debt instruments.

(c)U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $463 million, $474 million and $502 million for 2024, 2023 and 2022, respectively. Non-U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $420 million, $441 million and $471 million for 2024, 2023 and 2022, respectively.

(d)Net average yield on interest-earning assets is defined as net interest income divided by average total interest-earning assets as adjusted for the items mentioned in footnote (c) from the table on A-1.

Changes in Net Interest Income − Volume and Rate Analysis(a)

The following table presents the amount of changes in interest income and interest expense due to changes in both average volume and average rate. Major categories of interest-earning assets and interest-bearing liabilities have been segregated between U.S. and non-U.S. offices. Average volume/rate changes have been allocated between the average volume and average rate variances on a consistent basis based upon the respective percentage changes in average balances and average rates.

2024 Versus 2023 · 2023 Versus 2022
	Increase (Decrease)due to change in:			Increase (Decrease)due to change in:
Years Ended December 31, (Millions)	AverageVolume(b)	AverageRate(c)	Net Change	AverageVolume(b)	AverageRate(c)	Net Change
Interest-earning assets
Interest-bearing deposits in banks and other
U.S.	$493	$51	$544	$259	$1,170	$1,429
Non-U.S.	(8)	(58)	(66)	8	126	134
Federal funds sold and securities purchased under agreements to resell
Non-U.S.	(20)	—	(20)	(16)	7	(9)
Short-term investment securities
U.S.	2	(1)	1	(4)	15	11
Non-U.S.	(2)	—	(2)	—	3	3
Card Member and Other loans, including Card Member loans HFS
U.S.	2,350	787	3,137	2,305	2,826	5,131
Non-U.S.	263	(2)	261	298	301	599
Taxable investment securities
U.S.	(54)	5	(49)	(6)	14	8
Non-U.S.	5	1	6	3	17	20
Non-taxable investment securities
U.S.	—	—	—	—	(1)	(1)
Change in interest income	$3,029	$783	$3,812	$2,847	$4,478	$7,325
Interest-bearing liabilities
Customer deposits
U.S.
Savings accounts	$657	$233	$890	$188	$2,171	$2,359
Checking accounts	15	(23)	(8)	9	22	31
Certificates of deposit	(135)	66	(69)	244	179	423
Sweep accounts	(14)	35	21	13	510	523
Non-U.S.
Certificates of deposit & Other deposits	—	(4)	(4)	(1)	3	2
Short-term borrowings
Non-U.S.	2	6	8	(4)	14	10
Long-term debt and other
U.S.	288	286	574	151	581	732
Non-U.S.	(1)	(8)	(9)	(2)	8	6
Change in interest expense	812	591	1,403	598	3,488	4,086
Change in net interest income	$2,217	$192	$2,409	$2,249	$990	$3,239

(a)Refer to footnotes from “Distribution of Assets, Liabilities and Shareholders’ Equity” for additional information.

(b)Represents the change in volume multiplied by the prior year rate.

(c)Represents the sum of the change in rate multiplied by the prior year volume and the change in rate multiplied by the change in volume.

Weighted average yields and contractual maturities for AFS debt securities with stated maturities

The following table presents weighted average yields by contractual maturities for AFS debt securities with stated maturities as of December 31, 2024:

Weighted average yield (a)	Due within 1 year	Due after 1 year but within 5 years	Due after 5 years but within 10 years	Due after 10 years	Total
State and municipal obligations	—%	—%	5.77%	2.27%	3.61%
U.S. Government agency obligations	—	—	—	3.04	3.04
U.S. Government treasury obligations	3.23	4.33	—	—	3.60
Mortgage-backed securities	—	—	—	4.15	4.15
Foreign government bonds and obligations	5.86	2.03	—	—	5.85
Other	—%	2.82%	2.75%	—%	2.81%

(a)Weighted average yields for investment securities have been calculated using the effective yield on the date of purchase. Yields on tax-exempt investment securities have been computed on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent.

Maturities and Sensitivities to Changes in Interest Rates

The following table presents contractual maturities of loans and Card Member receivables by customer type, and distribution between fixed and floating interest rates for loans due after one year based upon the stated terms of the loan agreements. The information is presented excluding amounts associated with Card Member loans HFS as of December 31, 2024.

December 31, (Millions)	2024
Within1 year (a) · 1-5years (b) (c) · 5-15years (c) · After15 years (c) · Total
Loans
Consumer	$106,494		$1,152		$—		$—		$107,646
Small Business	31,632		359		—		—		31,991
Corporate	37		—		—		—		37
Other	1,763		7,355		86		28		9,232
Total loans	$139,926		$8,866		$86		$28		$148,906
Loans due after one year at fixed interest rates
Consumer		$1,152		$—		$—		$1,152
Small Business		359		—		—		359
Other		7,331		5		28		7,364
Loans due after one year at variable interest rates
Other		24		81		—		105
Total loans		$8,866		$86		$28		$8,980
Card Member receivables
Consumer	$25,249		$182		$—		$—		$25,431
Small Business	18,323		296		—		—		18,619
Corporate	15,361		—		—		—		15,361
Total Card Member receivables	$58,933		$478		$—		$—		$59,411

(a)Card Member loans have no stated maturity and are therefore included in the due within one year category. However, many of our Card Members will revolve their balances, which may extend their repayment period beyond one year for balances outstanding as of December 31, 2024. Card Member receivables are due upon receipt of Card Member statements and have no stated interest rate and are therefore included in the due within one year category.

(b)Card Member loans and receivables due after one year represent modification programs offered to Card Members experiencing financial difficulties wherein a long-term concession (more than 12 months) has been granted to the borrower.

(c)Other loans due after one year represents installment loans.

Credit Quality Indicators for Loans and Card Member Receivables

The following table summarizes the ratio of all loans and Card Member receivables categories. The information is presented excluding amounts associated with Card Member loans HFS effective December 1, 2024.

Years Ended December 31, (Millions, except percentages and where indicated)	2024	2023
Card Member loans
Consumer
Net write-offs — principal less recoveries	$2,200	$1,612
Net write-offs — interest and fees less recoveries	$511	$376
Average consumer loans (billions) (a)	$100.0	$89.1
Principal only net write-offs / average consumer loans outstanding (b)	2.2%	1.8%
Principal, interest and fees net write-offs / average consumer loans outstanding (b)	2.7%	2.2%
Small Business
Net write-offs — principal less recoveries	$694	$431
Net write-offs — interest and fees less recoveries	$110	$67
Average small business loans (billions) (a)	$30.7	$25.6
Principal only net write-offs / average small business loans outstanding (b)	2.3%	1.7%
Principal, interest and fees net write-offs / average small business loans outstanding (b)	2.6%	1.9%
Other loans
Net write-offs	$187	$107
Average Other loans (billions) (a)	$8.1	$6.3
Net write-offs/average Other loans outstanding (b)	2.3%	1.7%
Card Member receivables
Consumer
Net write-offs — principal less recoveries	$274	$350
Net write-offs — fees less recoveries	$25	$24
Average consumer receivables (billions) (a)	$23.6	$22.7
Principal only net write-offs / average consumer receivables outstanding (b)	1.2%	1.5%
Principal and fees net write-offs / average consumer receivables outstanding (b)	1.3%	1.6%
Small Business
Net write-offs — principal less recoveries	$355	$428
Net write-offs — fees less recoveries	$32	$35
Average small business receivables (billions) (a)	$18.9	$19.4
Principal only net write-offs / average small business receivables outstanding (b)	1.9%	2.2%
Principal and fees net write-offs / average small business receivables outstanding (b)	2.0%	2.4%
Corporate
Net write-offs — principal and fees less recoveries	$87	$100
Average corporate receivables (billions) (a)	$15.7	$15.6
Principal and fees net write-offs / average corporate receivables outstanding (b)	0.6%	0.6%
Reserve for credit losses	$6,044	$5,418
Non-accrual loans (c)	$611	$446
Reserve for credit losses as a percentage of total loans and Card Member receivables (d)	2.9%	2.8%
Non-accrual loans as a percentage of total loans (d)	0.4%	0.3%
Reserve for credit losses as a percentage of non-accrual loans (e)	962.0%	1175.8%

(a)Averages are based on month-end balances for the periods presented.

(b)The net write-off rate presented is on a worldwide basis and is based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(c)Non-accrual loans primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest. Amounts presented includes Other loans of $12 million and $7 million as of December 31, 2024 and 2023, respectively. Higher non-accrual loans are primarily driven by higher legal placements.

(d)Refer to “Maturities and Sensitivities to Changes in Interest Rates” for total outstanding balance of loans and Card Member receivables.

(e)Refer to “Allocation of reserve for credit losses” for reserve related to Card Member loans and Other loans.

Allocation of Reserve for Credit Losses

The following table shows the reserve for credit losses allocated to Card Member loans (excluding Card Member loans HFS as of December 31, 2024), Card Member receivables and Other loans.

December 31,	2024		2023
(Millions, except percentages)Reserve for credit losses at end of year applicable to	Amount	Percentage (a)	Amount	Percentage (a)
Card Member loans	$5,679	94%	$5,118	95%
Card Member receivables	171	3	174	3
Other loans	194	3	126	2
Total Reserve for credit losses	$6,044	100%	$5,418	100%

(a)Percentage of reserve for credit losses on Card Member loans, Card Member receivables and Other loans to the total reserve.

Uninsured Customer Deposits

Our U.S. deposits are insured up to $250,000 per depositor, per ownership category through the FDIC. Our non-U.S. deposits are insured as per regulatory rules in the respective jurisdictions. As of December 31, 2024 and 2023, we had total deposits of $139.4 billion and $129.1 billion, respectively, of which approximately $12.4 billion and $11.3 billion, respectively, were uninsured.

The following table presents the amount of uninsured time certificates of deposit issued by us in our U.S. and non-U.S. offices, further segregated by time remaining until maturity. For any account holder with aggregate deposits in excess of insured limits, the uninsured deposits are calculated proportionately as a percentage of total deposits for each category of deposits held as of the reporting date.

	By remaining maturity as of December 31, 2024
(Millions)	3 monthsor less	Over 3 monthsbut within 6 months	Over 6 monthsbut within 12 months	Over12 months	Total
U.S. (a)	$180	$84	$277	$93	$634
Non U.S. (b)	$1	$1	$3	$5	$10

(a)We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to $250,000 per depositor, per ownership category through the FDIC.

(b)Includes time deposits in certain of our Non-U.S. offices that exceed the insurance limit as defined by the regulatory rules in individual markets.

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