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Published: 2023-10-20 07:01:53 ET
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EX-99.2 3 q323exhibit992.htm EX-99.2 Document

Exhibit 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q3'23Q2'23Q1'23Q4'22Q3'22YOY % changeYTD'23YTD'22YOY % change
Non-interest revenues
Discount revenue$8,408 $8,481 $7,947 $8,183 $7,848 7 $24,836 $22,556 10 
Net card fees1,846 1,789 1,713 1,625 1,541 20 5,348 4,445 20 
Service fees and other revenue 1,261 1,232 1,218 1,181 1,169 8 3,711 3,340 11 
Processed revenue424 447 420 429 420 1 1,291 1,208 7 
Total non-interest revenues11,939 11,949 11,298 11,418 10,978 9 35,186 31,549 12 
Interest income
Interest on loans4,635 4,213 3,939 3,623 3,164 46 12,787 8,344 53 
Interest and dividends on investment securities33 34 30 34 27 22 97 62 56 
Deposits with banks and other572 528 447 308 183 #1,547 287 #
Total interest income5,240 4,775 4,416 3,965 3,374 55 14,431 8,693 66 
Interest expense
Deposits1,290 1,196 994 778 440 #3,480 749 #
Long-term debt and other508 474 439 429 356 43 1,421 807 76 
Total interest expense1,798 1,670 1,433 1,207 796 #4,901 1,556 #
Net interest income3,442 3,105 2,983 2,758 2,578 34 9,530 7,137 34 
Total revenues net of interest expense15,381 15,054 14,281 14,176 13,556 13 44,716 38,686 16 
Provisions for credit losses
Card Member receivables206 230 222 244 165 25 658 383 72 
Card Member loans982 923 786 757 596 65 2,691 757 #
Other45 45 47 26 17 #137 15 #
Total provisions for credit losses1,233 1,198 1,055 1,027 778 58 3,486 1,155 #
Total revenues net of interest expense after provisions for credit losses14,148 13,856 13,226 13,149 12,778 11 41,230 37,531 10 
Expenses
Card Member rewards3,794 3,956 3,766 3,729 3,571 6 11,516 10,273 12 
Business development1,393 1,388 1,393 1,302 1,194 17 4,174 3,641 15 
Card Member services973 949 983 881 774 26 2,905 2,078 40 
Marketing1,236 1,408 1,341 1,274 1,458 (15)3,985 4,184 (5)
Salaries and employee benefits2,047 1,875 2,014 2,034 1,748 17 5,936 5,218 14 
Professional services477 467 440 601 500 (5)1,384 1,473 (6)
Data processing and equipment704 677 660 732 651 8 2,041 1,874 9 
Other, net424 402 462 725 423 — 1,288 1,076 20 
Total expenses11,048 11,122 11,059 11,278 10,319 7 33,229 29,817 11 
Pretax income3,100 2,734 2,167 1,871 2,459 26 8,001 7,714 4 
Income tax provision649 560 351 299 580 12 1,560 1,772 (12)
Net income$2,451 $2,174 $1,816 $1,572 $1,879 30 $6,441 $5,942 8 
Net income attributable to common shareholders (A)$2,418 $2,142 $1,788 $1,546 $1,851 31 $6,348 $5,854 8 
Effective tax rate20.9 %20.5 %16.2 %16.0 %23.6 %19.5 %23.0 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$3.30 $2.89 $2.41 $2.08 $2.47 34 $8.60 $7.78 11 
Average common shares outstanding732 740 743 745 748 (2)738 752 (2)
Diluted
Net income attributable to common shareholders $3.30 $2.89 $2.40 $2.07 $2.47 34 $8.59 $7.77 11 
Average common shares outstanding733 741 744 746 749 (2)739 753 (2)
Cash dividends declared per common share $0.60 $0.60 $0.60 $0.52 $0.52 15 $1.80 $1.56 15 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)
 Q3'23Q2'23Q1'23Q4'22Q3'22YOY % change
Assets      
Cash & cash equivalents$44 $43 $41 $34 $31 42 
Card Member receivables, less reserves59 58 57 57 55 7 
Card Member loans, less reserves113 110 105 104 96 18 
Investment securities3 4 4 5 5 (40)
Other (B)32 30 29 28 28 14 
Total assets$251 $245 $236 $228 $215 17 
Liabilities and Shareholders' Equity      
Customer deposits$124 $123 $121 $110 $103 20 
Short-term borrowings2 2 2 1 2 — 
Long-term debt46 47 41 43 42 10 
Other (B)52 46 46 49 44 18 
Total liabilities224 218 210 203 191 17 
Shareholders' Equity27 27 26 25 24 13 
Total liabilities and shareholders' equity$251 $245 $236 $228 $215 17 
Return on average equity (C)36.3 %33.0 %28.7 %32.3 %31.9 %
Return on average common equity (C)38.0 %34.6 %30.1 %34.1 %33.6 %
Book value per common share (dollars)$35.32 $34.11 $32.84 $31.12 $29.92 18 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q3'23Q2'23Q1'23Q4'22Q3'22
Shares Outstanding (in millions) 
Beginning of period736 743 743 747 751 
Repurchase of common shares(8)(7)(1)(4)(4)
Net impact of employee benefit plans and others1 — 1 — — 
End of period729 736 743 743 747 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.7 %10.6 %10.6 %10.3 %10.6 %
Tier 111.5 %11.4 %11.4 %11.1 %11.5 %
Total13.4 %13.1 %13.1 %12.8 %13.3 %
Common Equity Tier 1$22.5 $21.8 $21.1 $20.0 $19.3 
Tier 1 Capital$24.0 $23.4 $22.7 $21.6 $20.9 
Tier 2 Capital$4.0 $3.4 $3.3 $3.3 $3.2 
Total Capital$28.0 $26.8 $26.0 $24.9 $24.1 
RWA$209.4 $205.3 $198.7 $194.4 $181.7 
Tier 1 Leverage10.0 %9.9 %10.0 %9.9 %10.1 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)$240.9 $237.0 $226.1 $218.6 $207.6 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Billions, except percentages and where indicated) 
 Q3'23Q2'23Q1'23Q4'22Q3'22YOY % changeYTD'23YTD'22YOY % change
Network volumes (E)$420.2 $426.6 $398.9 $413.3 $394.4 7 $1,245.7 $1,139.5 9 
Billed business (E)$366.2 $368.1 $345.5 $357.4 $339.0 8 $1,079.8 $980.9 10 
Processed volumes (E)$54.0 $58.5 $53.4 $55.9 $55.4 (3)$165.9 $158.6 5 
Card Member loans$118.0 $114.6 $109.1 $108.0 $99.0 19 $118.0 $99.0 19 
Cards-in-force (millions) (F)138.2 137.9 135.7 133.3 131.4 5 138.2 131.4 5 
Proprietary cards-in-force79.6 79.3 78.0 76.7 75.6 5 79.6 75.6 5 
Basic cards-in-force (millions) (F)115.9 116.0 113.7 111.5 109.9 5 115.9 109.9 5 
Proprietary basic cards-in-force61.2 61.0 60.1 59.1 58.2 5 61.2 58.2 5 
Average proprietary basic Card Member spending (dollars)$6,000 $6,075 $5,792 $6,087 $5,886 2 $17,879 $17,399 3 
Average fee per card (dollars) (G)$93 $91 $88 $85 $82 13 $91 $81 12 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (H)ReportedFX-Adjusted (H)
 Q3'23Q2'23Q1'23Q4'22Q3'22Q3'23Q2'23Q1'23Q4'22Q3'22YTD'23YTD'23
Network volumes (E)7%8%14%12%19%6%9%16%16%23%9%10%
Billed business (E)88151321781615241010
U.S. Consumer Services910161522n/an/an/an/an/a12n/a
Commercial Services121011201210112044
International Card Services181521142115172926371820
Processed volumes (E)(3)98810(1)1315171959
Merchant industry billed business
Goods & Services (G&S) spend (73% of Q3'23 worldwide billed business)668713669101677
T&E spend (27% of Q3'23 worldwide billed business)131437345213143938572021
Airline spend (6% of Q3'23 worldwide billed business)13125762#12126067#2525
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
5

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Billions, except percentages and where indicated)
 Q3'23Q2'23Q1'23Q4'22Q3'22YOY % changeYTD'23YTD'22YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (J)2.0 %2.0 %1.7 %1.3 %1.0 %1.9 %0.9 %
Net write-off rate (principal only) (J)(L)1.8 %1.8 %1.6 %1.2 %0.9 %1.7 %0.8 %
30+ days past due as a % of total (L)1.2 %1.2 %1.2 %1.1 %0.9 %1.2 %0.9 %
Card Member loans         
Total Card Member loans$118.0 $114.6 $109.1 $108.0 $99.0 19 $118.0 $99.0 19 
Credit loss reserves (millions)
Beginning balance$4,390 $4,053 $3,747 $3,319 $2,997 46 $3,747 $3,305 13 
Provisions - principal, interest and fees982 923 786 757 596 65 2,691 757 #
Net write-offs - principal less recoveries(525)(490)(397)(277)(203)#(1,412)(560)#
Net write-offs - interest and fees less recoveries(114)(107)(89)(68)(56)#(310)(161)93 
Other (I)(12)11 6 16 (15)(20)5 (22)#
Ending balance $4,721 $4,390 $4,053 $3,747 $3,319 42 $4,721 $3,319 42 
% of loans4.0 %3.8 %3.7 %3.5 %3.4 %4.0 %3.4 %
% of past due 316 %336 %330 %348 %393 %316 %393 %
Average loans$116.6 $112.4 $107.7 $103.9 $97.7 19 $112.4 $92.3 22 
Net write-off rate (principal, interest and fees) (J) (L)2.2 %2.1 %1.8 %1.3 %1.1 %2.0 %1.0 %
Net write-off rate (principal only) (J) (L)1.8 %1.7 %1.5 %1.1 %0.8 %1.7 %0.8 %
30+ days past due as a % of total (L)1.3 %1.1 %1.1 %1.0 %0.9 %1.3 %0.9 %
Net interest income divided by average Card Member loans (K)11.7 %11.1 %11.2 %10.5 %10.5 %11.3 %10.3 % 
Net interest yield on average Card Member loans (K)11.7 %11.2 %11.3 %10.8 %10.8 %11.4 %10.6 % 
Card Member receivables         
Total Card Member receivables$58.8 $58.2 $57.5 $57.6 $55.3 6 $58.8 $55.3 6 
Credit loss reserves (millions)
Beginning balance$210 $223 $229 $159 $119 76 $229 $64 #
Provisions - principal and fees206 230 222 244 165 25 658 383 72 
Net write-offs - principal and fees less recoveries(241)(243)(230)(178)(122)98 (714)(284)#
Other (I)(1)— 2 4 (3)(67)1 (4)#
Ending balance$174 $210 $223 $229 $159 9 $174 $159 9 
% of receivables0.3 %0.4 %0.4 %0.4 %0.3 %0.3 %0.3 %
Net write-off rate (principal and fees) (J)1.7 %1.7 %1.6 %1.3 %0.9 %1.7 %0.7 %
Net write-off rate (principal only) (J)(L)1.9 %1.9 %1.9 %1.4 %1.0 %1.9 %0.8 % 
30+ days past due as a % of total (L)1.1 %1.2 %1.4 %1.3 %1.1 %1.1 %1.1 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
6

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Billions, except percentages and where indicated)
 Q3'23Q2'23Q1'23Q4'22Q3'22YOY % changeYTD'23YTD'22YOY % change
Other loans (B)
Total other loans$6.6 $6.3 $5.9 $5.4 $4.8 38 $6.6 $4.8 38 
Credit loss reserves (millions)
Beginning balance$98 $83 $59 $46 $38 #$59 $52 13 
Provisions39 43 40 23 14 #122 6 #
Net write-offs(29)(28)(16)(10)(6)#(73)(12)#
Other (I)— — — — — — — — — 
Ending balance$108 $98 $83 $59 $46 #$108 $46 #
% of other loans1.6 %1.6 %1.4 %1.1 %1.0 %1.6 %1.0 %
Other receivables (B)
Total other receivables$4.4 $3.1 $3.0 $3.1 $3.0 47 $4.4 $3.0 47 
Credit loss reserves (millions)
Beginning balance$24 $25 $22 $22 $23 4 $22 $25 (12)
Provisions6 2 7 3 3 #15 9 67 
Net write-offs(3)(3)(3)(2)(4)(25)(10)(13)(23)
Other (I)— — (1)(1)— — — 1 #
Ending balance$27 $24 $25 $22 $22 23 $27 $22 23 
% of other receivables0.6 %0.8 %0.8 %0.7 %0.7 %0.6 %0.7 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
7

American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions)   
U.S. Consumer Services
(USCS)		Commercial Services
(CS)		International Card Services
(ICS)		Global Merchant and Network Services
(GMNS)		Corporate and OtherConsolidated
Q3'23     
Non-interest revenues$4,680 $3,257 $2,390 $1,656 $(44)$11,939 
Interest income3,228 881 538 14 579 5,240 
Interest expense700 391 285 (181)603 1,798 
Total revenues net of interest expense7,208 3,747 2,643 1,851 (68)15,381 
Total provisions for credit losses752 323 154 6 (2)1,233 
Total revenues net of interest expense after provisions for credit losses6,456 3,424 2,489 1,845 (66)14,148 
Total expenses4,872 2,572 2,102 859 643 11,048 
Pretax income (loss)$1,584 $852 $387 $986 $(709)$3,100 
Q3'22
Non-interest revenues$4,233 $3,145 $2,066 $1,562 $(28)$10,978 
Interest income2,251 552 364 6 201 3,374 
Interest expense274 201 178 (97)240 796 
Total revenues net of interest expense6,210 3,496 2,252 1,665 (67)13,556 
Total provisions for credit losses403 196 176 3 — 778 
Total revenues net of interest expense after provisions for credit losses5,807 3,300 2,076 1,662 (67)12,778 
Total expenses4,498 2,526 1,910 870 515 10,319 
Pretax income (loss)$1,309 $774 $166 $792 $(582)$2,459 
YOY % change
Non-interest revenues11 4 16 6 (57)9 
Interest income43 60 48 ##55 
Interest expense#95 60 (87)##
Total revenues net of interest expense16 7 17 11 (1)13 
Total provisions for credit losses87 65 (13)#— 58 
Total revenues net of interest expense after provisions for credit losses11 4 20 11 1 11 
Total expenses8 2 10 (1)25 7 
Pretax income (loss)21 10 #24 (22)26 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
8

U.S. Consumer Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
 Q3'23Q2'23Q1'23Q4'22Q3'22YOY % changeYTD'23YTD'22YOY % change
Non-interest revenues$4,680 $4,643 $4,359 $4,416 $4,233 11 $13,682 $12,024 14 
Interest income3,228 2,934 2,775 2,577 2,251 43 8,937 5,880 52 
Interest expense700 647 551 470 274 #1,898 513 #
Net interest income2,528 2,287 2,224 2,107 1,977 28 7,039 5,367 31 
Total revenues net of interest expense7,208 6,930 6,583 6,523 6,210 16 20,721 17,391 19 
Total provisions for credit losses752 659 584 542 403 87 1,995 479 #
Total revenues net of interest expense after provisions for credit losses6,456 6,271 5,999 5,981 5,807 11 18,726 16,912 11 
Total expenses4,872 5,021 4,869 4,695 4,498 8 14,762 12,798 15 
Pretax segment income$1,584 $1,250 $1,130 $1,286 $1,309 21 $3,964 $4,114 (4)
(Billions, except percentages and where indicated)
Billed business (E)$153.5 $155.4 $142.3 $148.9 $140.3 9 $451.1 $404.1 12 
Proprietary cards-in-force (millions) (F)43.4 43.2 42.4 41.7 41.2 5 43.4 41.2 5 
Proprietary basic cards-in-force (millions) (F)30.4 30.2 29.7 29.2 28.9 5 30.4 28.9 5 
Average proprietary basic Card Member spending (dollars)$5,062 $5,181 $4,822 $5,116 $4,908 3 $15,072 $14,387 5 
Segment assets$98.2 $94.9 $90.6 $94.4 $84.8 16 $98.2 $84.8 16 
Card Member loans
Total loans$77.7 $75.6 $72.0 $72.7 $66.3 17 $77.7 $66.3 17 
Average loans$77.1 $74.2 $71.6 $69.4 $65.3 18 $74.4 $61.7 21 
Net write-off rate (principal, interest and fees) (J)2.2 %2.1 %1.9 %1.3 %1.1 %2.0 %1.1 % 
Net write-off rate (principal only) (J)1.7 %1.7 %1.5 %1.1 %0.8 %1.6 %0.8 % 
30+ days past due as a % of total1.3 %1.1 %1.1 %1.0 %0.9 %1.3 %0.9 % 
Net interest income divided by average Card Member loans (K)13.0 %12.4 %12.6 %12.0 %12.0 %12.6 %11.6 % 
Net interest yield on average Card Member loans (K)12.7 %12.1 %12.3 %11.9 %11.9 %12.4 %11.5 % 
Card Member receivables
Total receivables$13.2 $13.7 $13.3 $14.3 $13.2 — $13.2 $13.2 — 
Net write-off rate (principal and fees) (J)1.3 %1.3 %1.3 %1.0 %0.6 %1.3 %0.5 % 
Net write-off rate (principal only) (J)1.2 %1.2 %1.2 %0.9 %0.6 %1.2 %0.4 % 
30+ days past due as a % of total0.9 %0.8 %1.0 %0.9 %0.9 %0.9 %0.9 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
9

Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
Q3'23Q2'23Q1'23Q4'22Q3'22YOY % changeYTD'23YTD'22YOY % change
Non-interest revenues$3,257 $3,301 $3,107 $3,210 $3,145 4 $9,665 $8,986 8 
Interest income881 792 706 635 552 60 2,379 1,435 66 
Interest expense391 364 321 288 201 95 1,076 409 #
Net interest income490 428 385 347 351 40 1,303 1,026 27 
Total revenues net of interest expense3,747 3,729 3,492 3,557 3,496 7 10,968 10,012 10 
Total provisions for credit losses323 339 283 271 196 65 945 294 #
Total revenues net of interest expense after provisions for credit losses3,424 3,390 3,209 3,286 3,300 4 10,023 9,718 3 
Total expenses2,572 2,677 2,579 2,739 2,526 2 7,828 7,385 6 
Pretax segment income$852 $713 $630 $547 $774 10 $2,195 $2,333 (6)
(Billions, except percentages and where indicated)
Billed business (E)$129.5 $130.2 $125.0 $130.5 $127.6 1 $384.7 $369.0 4 
Proprietary cards-in-force (millions) (F)15.4 15.4 15.2 14.9 14.6 5 15.4 14.6 5 
Average proprietary basic Card Member spending (dollars)$8,434 $8,490 $8,283 $8,816 $8,848 (5)$25,234 $26,377 (4)
Segment assets$56.6 $54.3 $53.8 $51.4 $51.3 10 $56.6 $51.3 10 
Card Member loans
Total loans$25.2 $23.8 $23.1 $21.4 $20.7 22 $25.2 $20.7 22 
Average loans$24.4 $23.5 $22.1 $21.2 $20.1 21 $23.3 $18.7 25 
Net write-off rate (principal, interest and fees) (J)2.0 %1.9 %1.4 %1.1 %0.8 %1.8 %0.8 %
Net write-off rate (principal only) (J)1.8 %1.6 %1.2 %0.9 %0.7 %1.5 %0.6 %
30+ days past due as a % of total1.2 %1.2 %1.1 %0.9 %0.7 %1.2 %0.7 %
Net interest income divided by average Card Member loans (K)8.0 %7.3 %7.1 %6.5 %6.9 %7.5 %7.4 %
Net interest yield on average Card Member loans (K)10.1 %9.6 %9.4 %8.9 %8.9 %9.7 %8.9 %
Card Member receivables
Total receivables$28.3 $27.2 $27.5 $26.9 $27.6 3 $28.3 $27.6 3 
Net write-off rate (principal and fees) (J)1.5 %1.5 %1.5 %1.1 %0.7 %1.5 %0.6 %
Net write-off rate (principal only) - small business (J)2.1 %2.1 %2.1 %1.5 %0.9 %2.1 %0.7 %
30+ days past due as a % of total - small business1.4 %1.7 %1.8 %1.6 %1.4 %1.4 %1.4 %
90+ days past billing as a % of total - corporate0.4 %0.5 %0.5 %0.6 %0.6 %0.4 %0.6 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
10

International Card Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
 Q3'23Q2'23Q1'23Q4'22Q3'22YOY % changeYTD'23YTD'22YOY % change
Non-interest revenues$2,390 $2,349 $2,267 $2,197 $2,066 16 $7,006 $6,065 16 
Interest income538 497 467 418 364 48 1,502 1,035 45 
Interest expense285 261 224 209 178 60 770 445 73 
Net interest income253 236 243 209 186 36 732 590 24 
Total revenues net of interest expense2,643 2,585 2,510 2,406 2,252 17 7,738 6,655 16 
Total provisions for credit losses154 198 181 210 176 (13)533 374 43 
Total revenues net of interest expense after provisions for credit losses2,489 2,387 2,329 2,196 2,076 20 7,205 6,281 15 
Total expenses2,102 2,134 2,140 2,211 1,910 10 6,376 5,688 12 
Pretax segment income (loss)$387 $253 $189 $(15)$166 #$829 $593 40 
(Billions, except percentages and where indicated)
Billed business (E)$82.7 $81.8 $76.9 $77.1 $70.2 18 $241.4 $204.5 18 
Proprietary cards-in-force (millions) (F)20.8 20.7 20.4 20.1 19.8 5 20.8 19.8 5 
Proprietary basic cards-in-force (millions) (F)15.4 15.4 15.2 14.9 14.7 5 15.4 14.7 5 
Average proprietary basic Card Member spending (dollars)$5,382 $5,360 $5,110 $5,207 $4,824 12 $15,861 $14,300 11 
Segment assets$38.6 $38.2 $36.3 $36.9 $32.9 17 $38.6 $32.9 17 
Card Member loans - consumer and small business
Total loans$15.1 $15.2 $14.0 $13.8 $12.0 26 $15.1 $12.0 26 
Average loans $15.1 $14.7 $13.9 $13.2 $12.3 23 $14.6 $11.9 23 
Net write-off rate (principal, interest and fees) (J)2.6 %2.8 %2.1 %1.7 %1.4 %2.5 %1.3 %
Net write-off rate (principal only) (J)2.1 %2.4 %1.8 %1.4 %1.2 %2.1 %1.1 %
30+ days past due as a % of total1.4 %1.3 %1.4 %1.2 %1.0 %1.4 %1.0 %
Net interest income divided by average Card Member loans (K)6.6 %6.4 %7.0 %6.3 %6.0 %6.7 %6.6 %
Net interest yield on average Card Member loans (K)9.4 %9.0 %9.2 %8.4 %8.0 %9.2 %8.5 %
Card Member receivables
Total receivables$17.3 $17.3 $16.7 $16.4 $14.5 19 $17.3 $14.5 19 
Net write-off rate (principal and fees) (J)2.2 %2.3 %2.1 %1.7 %1.4 %2.2 %1.1 %
Net write-off rate (principal only) - consumer and small business (J)2.4 %2.5 %2.4 %1.9 %1.6 %2.4 %1.3 %
30+ days past due as a % of total - consumer and small business1.1 %1.2 %1.3 %1.3 %1.2 %1.1 %1.2 %
90+ days past billing as a % of total - corporate0.6 %0.5 %0.4 %0.5 %0.5 %0.6 %0.5 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
11

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages)                 
 Q3'23Q2'23Q1'23Q4'22Q3'22YOY % changeYTD'23YTD'22YOY % change
Non-interest revenues$1,656 $1,675 $1,596 $1,621 $1,562 6 $4,927 $4,502 9 
Interest income14 14 14 10 6 #42 13 #
Interest expense(181)(174)(131)(127)(97)(87)(486)(202)#
Net interest income195 188 145 137 103 89 528 215 #
Total revenues net of interest expense1,851 1,863 1,741 1,758 1,665 11 5,455 4,717 16 
Total provisions for credit losses6 1 6 1 3 #13 6 #
Total revenues net of interest expense after provisions for credit losses1,845 1,862 1,735 1,757 1,662 11 5,442 4,711 16 
Total expenses859 899 850 1,066 870 (1)2,608 2,448 7 
Pretax segment income$986 $963 $885 $691 $792 24 $2,834 $2,263 25 
(Billions)         
Total network volumes (E)$420.2 $426.6 $398.9 $413.3 $394.4 7 $1,245.7 $1,139.5 9 
Segment assets$20.8 $17.0 $17.1 $20.0 $15.4 35 $20.8 $15.4 35 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
12

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
 
Q3'23Q2'23Q1'23Q4'22Q3'22
ROE     
Annualized Net income$9,804 $8,696 $7,264 $7,514 $7,516 
Average shareholders' equity$27,013 $26,347 $25,352 $23,289 $23,587 
Return on average equity (C)36.3 %33.0 %28.7 %32.3 %31.9 %
Reconciliation of ROCE     
Annualized Net income$9,804 $8,696 $7,264 $7,514 $7,516 
Preferred share dividends and equity related adjustments58 58 57 57 58 
Earnings allocated to participating share awards and other75 69 55 57 57 
Net income attributable to common shareholders$9,671 $8,569 $7,152 $7,400 $7,401 
Average shareholders' equity$27,013 $26,347 $25,352 $23,289 $23,587 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$25,429 $24,763 $23,768 $21,705 $22,003 
Return on average common equity (C)38.0 %34.6 %30.1 %34.1 %33.6 %

See Appendix III for footnote references
13

American Express Company(Preliminary)
Appendix II 
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 
 Q3'23Q2'23Q1'23Q4'22Q3'22YTD'23YTD'22
Consolidated       
Net interest income$3,442 $3,105 $2,983 $2,758 $2,578 $9,530$7,137
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)770 728 624 525 374 2,122 743 
Interest income not attributable to our Card Member loan portfolio (N)(767)(703)(602)(451)(300)(2,072)(572)
Adjusted net interest income (K)$3,445$3,130$3,005$2,832$2,652$9,580$7,308
Average Card Member loans (billions)$116.6 $112.4 $107.7 $103.9 $97.7 $112.4 $92.3 
Net interest income divided by average Card Member loans (K)11.7 %11.1 %11.2 %10.5 %10.5 %11.3 %10.3 %
Net interest yield on average Card Member loans (K)11.7 %11.2 %11.3 %10.8 %10.8 %11.4 %10.6 %
U.S. Consumer Services
Net interest income$2,528 $2,287 $2,224 $2,107 $1,977 $7,039 $5,366 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)41 44 36 45 34 121 95 
Interest income not attributable to our Card Member loan portfolio (N)(101)(91)(82)(73)(61)(274)(155)
Adjusted net interest income (K)$2,468 $2,240 $2,178 $2,079 $1,950 $6,886 $5,306 
Average Card Member loans (billions)$77.1 $74.2 $71.6 $69.4 $65.3 $74.4 $61.7 
Net interest income divided by average Card Member loans (K)13.0 %12.4 %12.6 %12.0 %12.0 %12.6 %11.6 %
Net interest yield on average Card Member loans (K)12.7 %12.1 %12.3 %11.9 %11.9 %12.4 %11.5 %
Commercial Services
Net interest income$490 $428 $385 $347 $351 $1,303 $1,026 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)185 178 162 158 124 525 272 
Interest income not attributable to our Card Member loan portfolio (N)(55)(46)(38)(32)(24)(139)(57)
Adjusted net interest income (K)$620 $560 $509 $473 $451 $1,689 $1,241 
Average Card Member loans (billions)$24.4 $23.5 $22.1 $21.2 $20.1 $23.3 $18.7 
Net interest income divided by average Card Member loans (K)8.0 %7.3 %7.1 %6.5 %6.9 %7.5 %7.4 %
Net interest yield on average Card Member loans (K)10.1 %9.6 %9.4 %8.9 %8.9 %9.7 %8.9 %
International Card Services
Net interest income$253 $236 $243 $209 $186 $732 $590 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)121 110 88 82 72 319 187 
Interest income not attributable to our Card Member loan portfolio (N)(17)(16)(13)(11)(7)(46)(16)
Adjusted net interest income (K)$357 $330 $318 $280 $251 $1,005 $761 
Average Card Member loans (billions)$15.1 $14.7 $14.0 $13.3 $12.4 $14.6 $12.0 
Net interest income divided by average Card Member loans (K)6.6 %6.4 %7.0 %6.3 %6.0 %6.7 %6.6 %
Net interest yield on average Card Member loans (K)9.4 %9.0 %9.2 %8.4 %8.0 %9.2 %8.5 %
See Appendix III for footnote references
14

Appendix III(Preliminary)
All Information in the preceding tables is presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
(A)Represents net income, less (i) earnings allocated to participating share awards of $19 million, $17 million, $14 million, $12 million and $14 million in Q3'23, Q2'23, Q1'23, Q4'22 and Q3'22, respectively; and (ii) dividends on preferred shares of $14 million, $15 million, $14 million, $14 million and $14 million in Q3'23, Q2'23, Q1'23, Q4'22 and Q3'22, respectively.
(B)Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses (including merchant financing loans), Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(C)Return on Average Equity (ROE) is calculated by dividing annualized net income for the period by average shareholders' equity for the period. Return on Average Common Equity (ROCE) is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(D)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(E)Network volumes represent our total volumes. Billed business represents transaction volumes from payment products issued by American Express. Processed volumes represent transaction volumes from cards issued by network partners and those associated with alternative payment solutions.
(F)Cards-in-force represent the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding under network partnership agreements with banks and other institutions. Basic cards-in-force excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the size of our Card Member base.
(G)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(H)FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (e.g., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
(I)Other includes foreign currency impact on balance sheet re-measurement and translation.
(J)Our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses and we therefore present a net write-off rate including principal, interest and/or fees. We also present a net write-off rate based on principal losses only to be consistent with industry convention.
(K)Net interest income divided by average Card Member loans, computed on an annualized basis, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans. Net interest yield on average Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income (also a non-GAAP measure) by average Card Member loans, computed on an annualized basis. Adjusted net interest income represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. Reserves and net write-offs related to uncollectible interest are recorded through provisions for credit losses, and thus not included in the net interest yield calculation. We believe that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of our Card Member loan portfolio. See Appendix II for calculations of net interest income divided by average Card Member loans and net interest yield on average Card Member loans.
(L)Net write-off rate for principal losses only and 30+ days past due metrics represent consumer and small business, and are not available for corporate due to system constraints.
(M)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(N)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
15