AMERICAN EXPRESS CO
For the period ended Dec 31, 2024. Filed Feb 7, 2025.
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FY2024 · Filed Feb 7, 2025
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Item 8. Consolidated Financial Statements
| Year Ended December 31 (Millions, except per share amounts) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenues | |||
| Non-interest revenues | |||
| Discount revenue | $35,192 | $33,416 | $30,739 |
| Net card fees | 8,449 | 7,255 | 6,070 |
| Service fees and other revenue | 5,129 | 5,005 | 4,521 |
| Processed revenue | 1,636 | 1,705 | 1,637 |
| Total non-interest revenues | 50,406 | 47,381 | 42,967 |
| Interest income | |||
| Interest on loans | 21,095 | 17,697 | 11,967 |
| Interest and dividends on investment securities | 86 | 128 | 96 |
| Deposits with banks and other | 2,614 | 2,158 | 595 |
| Total interest income | 23,795 | 19,983 | 12,658 |
| Interest expense | |||
| Deposits | 5,695 | 4,865 | 1,527 |
| Long-term debt and other | 2,557 | 1,984 | 1,236 |
| Total interest expense | 8,252 | 6,849 | 2,763 |
| Net interest income | 15,543 | 13,134 | 9,895 |
| Total revenues net of interest expense | 65,949 | 60,515 | 52,862 |
| Provisions for credit losses | |||
| Card Member receivables | 774 | 880 | 627 |
| Card Member loans | 4,109 | 3,839 | 1,514 |
| Other | 302 | 204 | 41 |
| Total provisions for credit losses | 5,185 | 4,923 | 2,182 |
| Total revenues net of interest expense after provisions for credit losses | 60,764 | 55,592 | 50,680 |
| Expenses | |||
| Card Member rewards | 16,599 | 15,367 | 14,002 |
| Business development | 5,886 | 5,657 | 4,943 |
| Card Member services | 4,782 | 3,968 | 2,959 |
| Marketing | 6,040 | 5,213 | 5,458 |
| Salaries and employee benefits | 8,198 | 8,067 | 7,252 |
| Other, net | 6,364 | 6,807 | 6,481 |
| Total expenses | 47,869 | 45,079 | 41,095 |
| Pretax income | 12,895 | 10,513 | 9,585 |
| Income tax provision | 2,766 | 2,139 | 2,071 |
| Net income | $10,129 | $8,374 | $7,514 |
| Earnings per Common Share — (Note 21)(a) | |||
| Basic | $14.04 | $11.23 | $9.86 |
| Diluted | $14.01 | $11.21 | $9.85 |
| Average common shares outstanding for earnings per common share: | |||
| Basic | 712 | 735 | 751 |
| Diluted | 713 | 736 | 752 |
(a)Represents net income less (i) earnings allocated to participating share awards of $76 million, $64 million and $57 million for the years ended December 31, 2024, 2023 and 2022, respectively, and (ii) dividends on preferred shares of $58 million, $58 million and $57 million for the years ended December 31, 2024, 2023 and 2022, respectively.
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