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Published: 2024-01-26 07:01:25 ET
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EX-99.2 3 q423exhibit992.htm EX-99.2 Document

EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues
Discount revenue$8,580 $8,408 $8,481 $7,947 $8,183 5 $33,416 $30,739 9 
Net card fees1,907 1,846 1,789 1,713 1,625 17 7,255 6,070 20 
Service fees and other revenue 1,294 1,261 1,232 1,218 1,181 10 5,005 4,521 11 
Processed revenue414 424 447 420 429 (3)1,705 1,637 4 
Total non-interest revenues12,195 11,939 11,949 11,298 11,418 7 47,381 42,967 10 
Interest income
Interest on loans4,910 4,635 4,213 3,939 3,623 36 17,697 11,967 48 
Interest and dividends on investment securities31 33 34 30 34 (9)128 96 33 
Deposits with banks and other611 572 528 447 308 98 2,158 595 #
Total interest income5,552 5,240 4,775 4,416 3,965 40 19,983 12,658 58 
Interest expense
Deposits1,385 1,290 1,196 994 778 78 4,865 1,527 #
Long-term debt and other563 508 474 439 429 31 1,984 1,236 61 
Total interest expense1,948 1,798 1,670 1,433 1,207 61 6,849 2,763 #
Net interest income3,604 3,442 3,105 2,983 2,758 31 13,134 9,895 33 
Total revenues net of interest expense15,799 15,381 15,054 14,281 14,176 11 60,515 52,862 14 
Provisions for credit losses
Card Member receivables222 206 230 222 244 (9)880 627 40 
Card Member loans1,148 982 923 786 757 52 3,839 1,514 #
Other67 45 45 47 26 #204 41 #
Total provisions for credit losses1,437 1,233 1,198 1,055 1,027 40 4,923 2,182 #
Total revenues net of interest expense after provisions for credit losses14,362 14,148 13,856 13,226 13,149 9 55,592 50,680 10 
Expenses
Card Member rewards3,851 3,794 3,956 3,766 3,729 3 15,367 14,002 10 
Business development1,483 1,393 1,388 1,393 1,302 14 5,657 4,943 14 
Card Member services1,063 973 949 983 881 21 3,968 2,959 34 
Marketing1,228 1,236 1,408 1,341 1,274 (4)5,213 5,458 (4)
Salaries and employee benefits2,131 2,047 1,875 2,014 2,034 5 8,067 7,252 11 
Professional services645 477 467 440 601 7 2,029 2,074 (2)
Data processing and equipment764 704 677 660 732 4 2,805 2,606 8 
Other, net685 424 402 462 725 (6)1,973 1,801 10 
Total expenses11,850 11,048 11,122 11,059 11,278 5 45,079 41,095 10 
Pretax income2,512 3,100 2,734 2,167 1,871 34 10,513 9,585 10 
Income tax provision579 649 560 351 299 94 2,139 2,071 3 
Net income$1,933 $2,451 $2,174 $1,816 $1,572 23 $8,374 $7,514 11 
Net income attributable to common shareholders (A)$1,904 $2,418 $2,142 $1,788 $1,546 23 $8,252 $7,400 12 
Effective tax rate23.0 %20.9 %20.5 %16.2 %16.0 %20.3 %21.6 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$2.63 $3.30 $2.89 $2.41 $2.08 26 $11.23 $9.86 14 
Average common shares outstanding725 732 740 743 745 (3)735 751 (2)
Diluted
Net income attributable to common shareholders $2.62 $3.30 $2.89 $2.40 $2.07 27 $11.21 $9.85 14 
Average common shares outstanding726 733 741 744 746 (3)736 752 (2)
Cash dividends declared per common share $0.60 $0.60 $0.60 $0.60 $0.52 15 $2.40 $2.08 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)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % change
Assets      
Cash & cash equivalents$47 $44 $43 $41 $34 38 
Card Member receivables, less reserves60 59 58 57 57 5 
Card Member loans, less reserves121 113 110 105 104 16 
Investment securities2 3 4 4 5 (60)
Other (B)31 32 30 29 28 11 
Total assets$261 $251 $245 $236 $228 14 
Liabilities and Shareholders' Equity      
Customer deposits$129 $124 $123 $121 $110 17 
Short-term borrowings1 2 2 2 1 — 
Long-term debt48 46 47 41 43 12 
Other (B)55 52 46 46 49 12 
Total liabilities233 224 218 210 203 15 
Shareholders' Equity28 27 27 26 25 12 
Total liabilities and shareholders' equity$261 $251 $245 $236 $228 14 
Return on average equity (C)31.5 %36.3 %33.0 %28.7 %32.3 %
Return on average common equity (C)33.0 %38.0 %34.6 %30.1 %34.1 %
Book value per common share (dollars)$36.61 $35.32 $34.11 $32.84 $31.12 18 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q4'23Q3'23Q2'23Q1'23Q4'22
Shares Outstanding (in millions) 
Beginning of period729 736 743 743 747 
Repurchase of common shares(6)(8)(7)(1)(4)
Net impact of employee benefit plans and others— 1 — 1 — 
End of period723 729 736 743 743 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.5 %10.7 %10.6 %10.6 %10.3 %
Tier 111.3 %11.5 %11.4 %11.4 %11.1 %
Total13.1 %13.4 %13.1 %13.1 %12.8 %
Common Equity Tier 1$23.2 $22.5 $21.8 $21.1 $20.0 
Tier 1 Capital$24.8 $24.0 $23.4 $22.7 $21.6 
Tier 2 Capital$4.0 $4.0 $3.4 $3.3 $3.3 
Total Capital$28.8 $28.0 $26.8 $26.0 $24.9 
RWA$219.7 $209.4 $205.3 $198.7 $194.4 
Tier 1 Leverage9.9 %10.0 %9.9 %10.0 %9.9 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)$249.6 $240.9 $237.0 $226.1 $218.6 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Billions, except percentages and where indicated) 
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Network volumes (E)$434.4 $420.2 $426.6 $398.9 $413.3 5 $1,680.1 $1,552.8 8 
Billed business (E)$379.8 $366.2 $368.1 $345.5 $357.4 6 $1,459.6 $1,338.3 9 
Processed volumes (E)$54.6 $54.0 $58.5 $53.4 $55.9 (2)$220.5 $214.5 3 
Card Member loans$126.0 $118.0 $114.6 $109.1 $108.0 17 $126.0 $108.0 17 
Cards-in-force (millions) (F)141.2 138.2 137.9 135.7 133.3 6 141.2 133.3 6 
Proprietary cards-in-force80.2 79.6 79.3 78.0 76.7 5 80.2 76.7 5 
Basic cards-in-force (millions) (F)118.7 115.9 116.0 113.7 111.5 6 118.7 111.5 6 
Proprietary basic cards-in-force61.7 61.2 61.0 60.1 59.1 4 61.7 59.1 4 
Average proprietary basic Card Member spending (dollars)$6,179 $6,000 $6,075 $5,792 $6,087 2 $24,059 $23,496 2 
Average fee per card (dollars) (G)$95 $93 $91 $88 $85 12 $92 $82 12 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (H)ReportedFX-Adjusted (H)
 Q4'23Q3'23Q2'23Q1'23Q4'22Q4'23Q3'23Q2'23Q1'23Q4'22FY'23FY'23
Network volumes (E)5%7%8%14%12%5%6%9%16%16%8%9%
Billed business (E)6881513678161599
U.S. Consumer Services79101615n/an/an/an/an/a10n/a
Commercial Services1121011112101133
International Card Services141815211413151729261718
Processed volumes (E)(2)(3)988(1)(1)13151736
Merchant industry billed business
Goods & Services (G&S) spend (75% of Q4'23 worldwide billed business)5668756691066
T&E spend (25% of Q4'23 worldwide billed business)9131437349131439381919
Airline spend (6% of Q4'23 worldwide billed business)7131257626121260672324

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)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (J)2.2 %2.0 %2.0 %1.7 %1.3 %2.0 %1.0 %
Net write-off rate (principal only) (J)(L)2.0 %1.8 %1.8 %1.6 %1.2 %1.8 %0.9 %
30+ days past due as a % of total (L)1.3 %1.2 %1.2 %1.2 %1.1 %1.3 %1.1 %
Card Member loans         
Total Card Member loans$126.0 $118.0 $114.6 $109.1 $108.0 17 $126.0 $108.0 17 
Credit loss reserves (millions)
Beginning balance$4,721 $4,390 $4,053 $3,747 $3,319 42 $3,747 $3,305 13 
Provisions - principal, interest and fees1,148 982 923 786 757 52 3,839 1,514 #
Net write-offs - principal less recoveries(631)(525)(490)(397)(277)#(2,043)(837)#
Net write-offs - interest and fees less recoveries(133)(114)(107)(89)(68)96 (443)(229)93 
Other (I)13 (12)11 6 16 (19)18 (6)#
Ending balance $5,118 $4,721 $4,390 $4,053 $3,747 37 $5,118 $3,747 37 
% of loans4.1 %4.0 %3.8 %3.7 %3.5 %4.1 %3.5 %
% of past due 297 %316 %336 %330 %348 %297 %348 %
Average loans$121.8 $116.6 $112.4 $107.7 $103.9 17 $114.8 $95.4 20 
Net write-off rate (principal, interest and fees) (J)2.5 %2.2 %2.1 %1.8 %1.3 %2.2 %1.1 %
Net write-off rate (principal only) (J) (L)2.1 %1.8 %1.7 %1.5 %1.1 %1.8 %0.9 %
30+ days past due as a % of total (L)1.4 %1.3 %1.1 %1.1 %1.0 %1.4 %1.0 %
Net interest income divided by average Card Member loans (K)11.7 %11.7 %11.1 %11.2 %10.5 %11.4 %10.4 % 
Net interest yield on average Card Member loans (K)11.7 %11.7 %11.2 %11.3 %10.8 %11.5 %10.6 % 
Card Member receivables         
Total Card Member receivables$60.4 $58.8 $58.2 $57.5 $57.6 5 $60.4 $57.6 5 
Credit loss reserves (millions)
Beginning balance$174 $210 $223 $229 $159 9 $229 $64 #
Provisions - principal and fees222 206 230 222 244 (9)880 627 40 
Net write-offs - principal and fees less recoveries(223)(241)(243)(230)(178)25 (937)(462)#
Other (I)1 (1)— 2 4 (75)2 — — 
Ending balance$174 $174 $210 $223 $229 (24)$174 $229 (24)
% of receivables0.3 %0.3 %0.4 %0.4 %0.4 %0.3 %0.4 %
Net write-off rate (principal and fees) (J)1.5 %1.7 %1.7 %1.6 %1.3 %1.6 %0.8 %
Net write-off rate (principal only) (J)(L)1.7 %1.9 %1.9 %1.9 %1.4 %1.8 %0.9 % 
30+ days past due as a % of total (L)1.1 %1.1 %1.2 %1.4 %1.3 %1.1 %1.3 % 
# - 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)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Other loans (B)
Total other loans$7.1 $6.6 $6.3 $5.9 $5.4 31 $7.1 $5.4 31 
Credit loss reserves (millions)
Beginning balance$108 $98 $83 $59 $46 #$59 $52 13 
Provisions52 39 43 40 23 #174 29 #
Net write-offs(34)(29)(28)(16)(10)#(107)(22)#
Other (I)— — — — — — — — — 
Ending balance$126 $108 $98 $83 $59 #$126 $59 #
% of other loans1.8 %1.6 %1.6 %1.4 %1.1 %1.8 %1.1 %
Other receivables (B)
Total other receivables$3.7 $4.4 $3.1 $3.0 $3.1 19 $3.7 $3.1 19 
Credit loss reserves (millions)
Beginning balance$27 $24 $25 $22 $22 23 $22 $25 (12)
Provisions15 6 2 7 3 #30 12 #
Net write-offs(16)(3)(3)(3)(2)#(25)(15)67 
Other (I)1 — — (1)(1)#— — — 
Ending balance$27 $27 $24 $25 $22 23 $27 $22 23 
% of other receivables0.7 %0.6 %0.8 %0.8 %0.7 %0.7 %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
Q4'23     
Non-interest revenues$4,782 $3,266 $2,466 $1,693 $(12)$12,195 
Interest income3,399 949 574 15 615 5,552 
Interest expense786 407 348 (233)640 1,948 
Total revenues net of interest expense7,395 3,808 2,692 1,941 (37)15,799 
Total provisions for credit losses860 368 194 14 1 1,437 
Total revenues net of interest expense after provisions for credit losses6,535 3,440 2,498 1,927 (38)14,362 
Card Member rewards, business development, Card Member services and marketing3,811 1,855 1,488 457 14 7,625 
Salaries and employee benefits and other operating expenses1,255 919 866 648 537 4,225 
Total expenses5,066 2,774 2,354 1,105 551 11,850 
Pretax income (loss)$1,469 $666 $144 $822 $(589)$2,512 
Q4'22
Non-interest revenues$4,416 $3,210 $2,197 $1,621 $(26)$11,418 
Interest income2,577 635 418 10 325 3,965 
Interest expense470 288 209 (127)367 1,207 
Total revenues net of interest expense6,523 3,557 2,406 1,758 (68)14,176 
Total provisions for credit losses542 271 210 1 3 1,027 
Total revenues net of interest expense after provisions for credit losses5,981 3,286 2,196 1,757 (71)13,149 
Card Member rewards, business development, Card Member services and marketing3,517 1,877 1,339 463 (10)7,186 
Salaries and employee benefits and other operating expenses1,178 862 872 603 577 4,092 
Total expenses4,695 2,739 2,211 1,066 567 11,278 
Pretax income (loss)$1,286 $547 $(15)$691 $(638)$1,871 
YOY % change
Non-interest revenues8 2 12 4 54 7 
Interest income32 49 37 50 89 40 
Interest expense67 41 67 (83)74 61 
Total revenues net of interest expense13 7 12 10 46 11 
Total provisions for credit losses59 36 (8)#(67)40 
Total revenues net of interest expense after provisions for credit losses9 5 14 10 46 9 
Card Member rewards, business development, Card Member services and marketing8 (1)11 (1)#6 
Salaries and employee benefits and other operating expenses7 7 (1)7 (7)3 
Total expenses8 1 6 4 (3)5 
Pretax income (loss)14 22 #19 8 34 
# - 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)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues$4,782 $4,680 $4,643 $4,359 $4,416 8 $18,464 $16,440 12 
Interest income3,399 3,228 2,934 2,775 2,577 32 12,336 8,457 46 
Interest expense786 700 647 551 470 67 2,684 983 #
Net interest income2,613 2,528 2,287 2,224 2,107 24 9,652 7,474 29 
Total revenues net of interest expense7,395 7,208 6,930 6,583 6,523 13 28,116 23,914 18 
Total provisions for credit losses860 752 659 584 542 59 2,855 1,021 #
Total revenues net of interest expense after provisions for credit losses6,535 6,456 6,271 5,999 5,981 9 25,261 22,893 10 
Card Member rewards, business development, Card Member services and marketing3,811 3,804 3,965 3,813 3,517 8 15,393 13,535 14 
Salaries and employee benefits and other operating expenses1,255 1,068 1,056 1,056 1,178 7 4,435 3,958 12 
Total expenses5,066 4,872 5,021 4,869 4,695 8 19,828 17,493 13 
Pretax segment income$1,469 $1,584 $1,250 $1,130 $1,286 14 $5,433 $5,400 1 
(Billions, except percentages and where indicated)
Billed business (E)$159.7 $153.5 $155.4 $142.3 $148.9 7 $610.8 $553.0 10 
Proprietary cards-in-force (millions) (F)43.8 43.4 43.2 42.4 41.7 5 43.8 41.7 5 
Proprietary basic cards-in-force (millions) (F)30.7 30.4 30.2 29.7 29.2 5 30.7 29.2 5 
Average proprietary basic Card Member spending (dollars)$5,229 $5,062 $5,181 $4,822 $5,116 2 $20,303 $19,514 4 
Segment assets$107.2 $98.2 $94.9 $90.6 $94.4 14 $107.2 $94.4 14 
Card Member loans
Total loans$83.2 $77.7 $75.6 $72.0 $72.7 14 $83.2 $72.7 14 
Average loans$80.3 $77.1 $74.2 $71.6 $69.4 16 $76.0 $63.7 19 
Net write-off rate (principal, interest and fees) (J)2.5 %2.2 %2.1 %1.9 %1.3 %2.2 %1.1 % 
Net write-off rate (principal only) (J)2.1 %1.7 %1.7 %1.5 %1.1 %1.7 %0.9 % 
30+ days past due as a % of total1.4 %1.3 %1.1 %1.1 %1.0 %1.4 %1.0 % 
Net interest income divided by average Card Member loans (K)12.9 %13.0 %12.4 %12.6 %12.0 %12.7 %11.7 % 
Net interest yield on average Card Member loans (K)12.7 %12.7 %12.1 %12.3 %11.9 %12.4 %11.6 % 
Card Member receivables
Total receivables$14.8 $13.2 $13.7 $13.3 $14.3 3 $14.8 $14.3 3 
Net write-off rate (principal and fees) (J)1.3 %1.3 %1.3 %1.3 %1.0 %1.3 %0.6 % 
Net write-off rate (principal only) (J)1.2 %1.2 %1.2 %1.2 %0.9 %1.2 %0.6 % 
30+ days past due as a % of total0.8 %0.9 %0.8 %1.0 %0.9 %0.8 %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)
Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues$3,266 $3,257 $3,301 $3,107 $3,210 2 $12,931 $12,196 6 
Interest income949 881 792 706 635 49 3,328 2,070 61 
Interest expense407 391 364 321 288 41 1,483 697 #
Net interest income542 490 428 385 347 56 1,845 1,373 34 
Total revenues net of interest expense3,808 3,747 3,729 3,492 3,557 7 14,776 13,569 9 
Total provisions for credit losses368 323 339 283 271 36 1,313 565 #
Total revenues net of interest expense after provisions for credit losses3,440 3,424 3,390 3,209 3,286 5 13,463 13,004 4 
Card Member rewards, business development, Card Member services and marketing1,855 1,818 1,895 1,854 1,877 (1)7,422 7,238 3 
Salaries and employee benefits and other operating expenses919 754 782 725 862 7 3,180 2,886 10 
Total expenses2,774 2,572 2,677 2,579 2,739 1 10,602 10,124 5 
Pretax segment income$666 $852 $713 $630 $547 22 $2,861 $2,880 (1)
(Billions, except percentages and where indicated)
Billed business (E)$131.3 $129.5 $130.2 $125.0 $130.5 1 $516.0 $499.5 3 
Proprietary cards-in-force (millions) (F)15.4 15.4 15.4 15.2 14.9 3 15.4 14.9 3 
Average proprietary basic Card Member spending (dollars)$8,515 $8,434 $8,490 $8,283 $8,816 (3)$33,745 $35,202 (4)
Segment assets$55.4 $56.6 $54.3 $53.8 $51.4 8 $55.4 $51.4 8 
Card Member loans
Total loans$25.8 $25.2 $23.8 $23.1 $21.4 21 $25.8 $21.4 21 
Average loans$25.6 $24.4 $23.5 $22.1 $21.2 21 $23.9 $19.3 24 
Net write-off rate (principal, interest and fees) (J)2.4 %2.0 %1.9 %1.4 %1.1 %2.0 %0.8 %
Net write-off rate (principal only) (J)2.1 %1.8 %1.6 %1.2 %0.9 %1.7 %0.7 %
30+ days past due as a % of total1.4 %1.2 %1.2 %1.1 %0.9 %1.4 %0.9 %
Net interest income divided by average Card Member loans (K)8.4 %8.0 %7.3 %7.1 %6.5 %7.7 %7.1 %
Net interest yield on average Card Member loans (K)10.3 %10.1 %9.6 %9.4 %8.9 %9.9 %8.9 %
Card Member receivables
Total receivables$26.2 $28.3 $27.2 $27.5 $26.9 (3)$26.2 $26.9 (3)
Net write-off rate (principal and fees) (J)1.5 %1.5 %1.5 %1.5 %1.1 %1.5 %0.7 %
Net write-off rate (principal only) - small business (J)2.0 %2.1 %2.1 %2.1 %1.5 %2.1 %0.9 %
30+ days past due as a % of total - small business1.5 %1.4 %1.7 %1.8 %1.6 %1.5 %1.6 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.5 %0.5 %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)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues$2,466 $2,390 $2,349 $2,267 $2,197 12 $9,472 $8,262 15 
Interest income574 538 497 467 418 37 2,076 1,453 43 
Interest expense348 285 261 224 209 67 1,118 654 71 
Net interest income226 253 236 243 209 8 958 799 20 
Total revenues net of interest expense2,692 2,643 2,585 2,510 2,406 12 10,430 9,061 15 
Total provisions for credit losses194 154 198 181 210 (8)727 584 24 
Total revenues net of interest expense after provisions for credit losses2,498 2,489 2,387 2,329 2,196 14 9,703 8,477 14 
Card Member rewards, business development, Card Member services and marketing1,488 1,376 1,386 1,419 1,339 11 5,669 4,962 14 
Salaries and employee benefits and other operating expenses866 726 748 721 872 (1)3,061 2,937 4 
Total expenses2,354 2,102 2,134 2,140 2,211 6 8,730 7,899 11 
Pretax segment income (loss)$144 $387 $253 $189 $(15)#$973 $578 68 
(Billions, except percentages and where indicated)
Billed business (E)$88.1 $82.7 $81.8 $76.9 $77.1 14 $329.5 $281.6 17 
Proprietary cards-in-force (millions) (F)21.0 20.8 20.7 20.4 20.1 4 21.0 20.1 4 
Proprietary basic cards-in-force (millions) (F)15.6 15.4 15.4 15.2 14.9 5 15.6 14.9 5 
Average proprietary basic Card Member spending (dollars)$5,684 $5,382 $5,360 $5,110 $5,207 9 $21,550 $19,519 10 
Segment assets$42.2 $38.6 $38.2 $36.3 $36.9 14 $42.2 $36.9 14 
Card Member loans - consumer and small business
Total loans$17.0 $15.1 $15.2 $14.0 $13.8 23 $17.0 $13.8 23 
Average loans $15.9 $15.1 $14.7 $13.9 $13.2 20 $15.0 $12.3 22 
Net write-off rate (principal, interest and fees) (J)2.5 %2.6 %2.8 %2.1 %1.7 %2.5 %1.4 %
Net write-off rate (principal only) (J)2.1 %2.1 %2.4 %1.8 %1.4 %2.1 %1.2 %
30+ days past due as a % of total1.3 %1.4 %1.3 %1.4 %1.2 %1.3 %1.2 %
Net interest income divided by average Card Member loans (K)5.6 %6.6 %6.4 %7.0 %6.3 %6.4 %6.5 %
Net interest yield on average Card Member loans (K)9.1 %9.4 %9.0 %9.2 %8.4 %9.2 %8.4 %
Card Member receivables
Total receivables$19.4 $17.3 $17.3 $16.7 $16.4 18 $19.4 $16.4 18 
Net write-off rate (principal and fees) (J)1.8 %2.2 %2.3 %2.1 %1.7 %2.1 %1.3 %
Net write-off rate (principal only) - consumer and small business (J)1.8 %2.4 %2.5 %2.4 %1.9 %2.2 %1.4 %
30+ days past due as a % of total - consumer and small business1.0 %1.1 %1.2 %1.3 %1.3 %1.0 %1.3 %
90+ days past billing as a % of total - corporate0.5 %0.6 %0.5 %0.4 %0.5 %0.5 %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)                 
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues$1,693 $1,656 $1,675 $1,596 $1,621 4 $6,620 $6,123 8 
Interest income15 14 14 14 10 50 57 23 #
Interest expense(233)(181)(174)(131)(127)(83)(719)(329)#
Net interest income248 195 188 145 137 81 776 352 #
Total revenues net of interest expense1,941 1,851 1,863 1,741 1,758 10 7,396 6,475 14 
Total provisions for credit losses14 6 1 6 1 #27 7 #
Total revenues net of interest expense after provisions for credit losses1,927 1,845 1,862 1,735 1,757 10 7,369 6,468 14 
Business development, Card Member services and marketing457 390 420 388 463 (1)1,655 1,611 3 
Salaries and employee benefits and other operating expenses648 469 479 462 603 7 2,058 1,903 8 
Total expenses1,105 859 899 850 1,066 4 3,713 3,514 6 
Pretax segment income$822 $986 $963 $885 $691 19 $3,656 $2,954 24 
(Billions)         
Total network volumes (E)$434.4 $420.2 $426.6 $398.9 $413.3 5 $1,680.1 $1,552.8 8 
Segment assets$23.7 $20.8 $17.0 $17.1 $20.0 19 $23.7 $20.0 19 
# - 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) 
 
Q4'23Q3'23Q2'23Q1'23Q4'22
ROE     
Annualized Net income$8,374 $9,804 $8,696 $7,264 $7,514 
Average shareholders' equity$26,557 $27,013 $26,347 $25,352 $23,289 
Return on average equity (C)31.5 %36.3 %33.0 %28.7 %32.3 %
Reconciliation of ROCE     
Annualized Net income$8,374 $9,804 $8,696 $7,264 $7,514 
Preferred share dividends and equity related adjustments58 58 58 57 57 
Earnings allocated to participating share awards and other64 75 69 55 57 
Net income attributable to common shareholders$8,252 $9,671 $8,569 $7,152 $7,400 
Average shareholders' equity$26,557 $27,013 $26,347 $25,352 $23,289 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$24,973 $25,429 $24,763 $23,768 $21,705 
Return on average common equity (C)33.0 %38.0 %34.6 %30.1 %34.1 %

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) 
 Q4'23Q3'23Q2'23Q1'23Q4'22FY'23FY'22
Consolidated       
Net interest income$3,604 $3,442 $3,105 $2,983 $2,758 $13,134 $9,895 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)821 770 728 624 525 2,943 1,268 
Interest income not attributable to our Card Member loan portfolio (N)(824)(767)(703)(602)(451)(2,896)(1,023)
Adjusted net interest income (K)$3,601 $3,445 $3,130 $3,005 $2,832 $13,181 $10,140 
Average Card Member loans (billions)$121.8 $116.6 $112.4 $107.7 $103.9 $114.8 $95.4 
Net interest income divided by average Card Member loans (K)11.7 %11.7 %11.1 %11.2 %10.5 %11.4 %10.4 %
Net interest yield on average Card Member loans (K)11.7 %11.7 %11.2 %11.3 %10.8 %11.5 %10.6 %
U.S. Consumer Services
Net interest income$2,613 $2,528 $2,287 $2,224 $2,107 $9,652 $7,474 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)71 41 44 36 45 192 139 
Interest income not attributable to our Card Member loan portfolio (N)(112)(101)(91)(82)(73)(386)(228)
Adjusted net interest income (K)$2,572 $2,468 $2,240 $2,178 $2,079 $9,458 $7,385 
Average Card Member loans (billions)$80.3 $77.1 $74.2 $71.6 $69.4 $76.0 $63.7 
Net interest income divided by average Card Member loans (K)12.9 %13.0 %12.4 %12.6 %12.0 %12.7 %11.7 %
Net interest yield on average Card Member loans (K)12.7 %12.7 %12.1 %12.3 %11.9 %12.4 %11.6 %
Commercial Services
Net interest income$542 $490 $428 $385 $347 $1,845 $1,373 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)186 185 178 162 158 711 430 
Interest income not attributable to our Card Member loan portfolio (N)(65)(55)(46)(38)(32)(204)(89)
Adjusted net interest income (K)$663 $620 $560 $509 $473 $2,352 $1,714 
Average Card Member loans (billions)$25.6 $24.4 $23.5 $22.1 $21.2 $23.9 $19.3 
Net interest income divided by average Card Member loans (K)8.4 %8.0 %7.3 %7.1 %6.5 %7.7 %7.1 %
Net interest yield on average Card Member loans (K)10.3 %10.1 %9.6 %9.4 %8.9 %9.9 %8.9 %
International Card Services
Net interest income$226 $253 $236 $243 $209 $958 $799 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)156 121 110 88 82 475 270 
Interest income not attributable to our Card Member loan portfolio (N)(16)(17)(16)(13)(11)(62)(28)
Adjusted net interest income (K)$366 $357 $330 $318 $280 $1,371 $1,041 
Average Card Member loans (billions)$15.9 $15.1 $14.7 $14.0 $13.3 $15.0 $12.4 
Net interest income divided by average Card Member loans (K)5.6 %6.6 %6.4 %7.0 %6.3 %6.4 %6.5 %
Net interest yield on average Card Member loans (K)9.1 %9.4 %9.0 %9.2 %8.4 %9.2 %8.4 %
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 $14 million, $19 million, $17 million, $14 million and $12 million in Q4'23, Q3'23, Q2'23, Q1'23 and Q4'22, respectively; and (ii) dividends on preferred shares of $15 million, $14 million, $15 million, $14 million and $14 million in Q4'23, Q3'23, Q2'23, Q1'23 and Q4'22, 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