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Published: 2024-10-18 07:08:40 ET
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EX-99.2 3 q324exhibit992.htm EX-99.2 Document

EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues
Discount revenue$8,780 $8,855 $8,380 $8,580 $8,408 4 $26,015 $24,836 5 
Net card fees2,170 2,060 1,974 1,907 1,846 18 6,204 5,348 16 
Service fees and other revenue 1,267 1,280 1,292 1,294 1,261 — 3,839 3,711 3 
Processed revenue413 408 386 414 424 (3)1,207 1,291 (7)
Total non-interest revenues12,630 12,603 12,032 12,195 11,939 6 37,265 35,186 6 
Interest income
Interest on loans5,442 5,092 5,058 4,910 4,635 17 15,592 12,787 22 
Interest and dividends on investment securities18 25 25 31 33 (45)68 97 (30)
Deposits with banks and other689 677 692 611 572 20 2,058 1,547 33 
Total interest income6,149 5,794 5,775 5,552 5,240 17 17,718 14,431 23 
Interest expense
Deposits1,446 1,425 1,427 1,385 1,290 12 4,298 3,480 24 
Long-term debt and other697 639 579 563 508 37 1,915 1,421 35 
Total interest expense2,143 2,064 2,006 1,948 1,798 19 6,213 4,901 27 
Net interest income4,006 3,730 3,769 3,604 3,442 16 11,505 9,530 21 
Total revenues net of interest expense16,636 16,333 15,801 15,799 15,381 8 48,770 44,716 9 
Provisions for credit losses
Card Member receivables170 226 196 222 206 (17)592 658 (10)
Card Member loans1,114 970 1,014 1,148 982 13 3,098 2,691 15 
Other72 72 59 67 45 60 203 137 48 
Total provisions for credit losses1,356 1,268 1,269 1,437 1,233 10 3,893 3,486 12 
Total revenues net of interest expense after provisions for credit losses15,280 15,065 14,532 14,362 14,148 8 44,877 41,230 9 
Expenses
Card Member rewards4,168 4,227 3,774 3,851 3,794 10 12,169 11,516 6 
Business development1,430 1,427 1,392 1,483 1,393 3 4,249 4,174 2 
Card Member services1,179 1,154 1,171 1,063 973 21 3,504 2,905 21 
Marketing1,470 1,480 1,476 1,228 1,236 19 4,426 3,985 11 
Salaries and employee benefits2,049 1,949 2,098 2,131 2,047 — 6,096 5,936 3 
Professional services579 542 455 645 477 21 1,576 1,384 14 
Data processing and equipment725 701 657 764 704 3 2,083 2,041 2 
Other, net476 (205)364 685 424 12 635 1,288 (51)
Total expenses12,076 11,275 11,387 11,850 11,048 9 34,738 33,229 5 
Pretax income3,204 3,790 3,145 2,512 3,100 3 10,139 8,001 27 
Income tax provision697 775 708 579 649 7 2,180 1,560 40 
Net income$2,507 $3,015 $2,437 $1,933 $2,451 2 $7,959 $6,441 24 
Net income attributable to common shareholders (A)$2,474 $2,977 $2,405 $1,904 $2,418 2 $7,856 $6,348 24 
Effective tax rate21.8 %20.4 %22.5 %23.0 %20.9 %21.5 %19.5 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$3.50 $4.16 $3.34 $2.63 $3.30 6 $10.99 $8.60 28 
Average common shares outstanding708 716 721 725 732 (3)715 738 (3)
Diluted
Net income attributable to common shareholders $3.49 $4.15 $3.33 $2.62 $3.30 6 $10.97 $8.59 28 
Average common shares outstanding709 717 722 726 733 (3)716 739 (3)
Cash dividends declared per common share $0.70 $0.70 $0.70 $0.60 $0.60 17 $2.10 $1.80 17 
See Appendix III for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % change
Assets      
Cash & cash equivalents$47,918 $52,895 $54,213 $46,596 $43,908 9 
Card Member receivables, less reserves58,886 59,485 59,624 60,237 58,651 — 
Card Member loans, less reserves128,960 125,530 121,348 120,877 113,257 14 
Investment securities1,268 1,210 2,232 2,186 3,160 (60)
Other (B)33,947 33,099 31,844 31,212 31,611 7 
Total assets$270,979 $272,219 $269,261 $261,108 $250,587 8 
Liabilities and Shareholders' Equity
Customer deposits$135,438 $133,746 $134,418 $129,144 $124,439 9 
Short-term borrowings1,457 1,639 1,742 1,293 1,613 (10)
Long-term debt53,546 51,521 48,826 47,866 46,447 15 
Other (B)50,831 55,773 55,511 54,748 50,764 — 
Total liabilities241,272 242,679 240,497 233,051 223,263 8 
Shareholders' Equity29,707 29,540 28,764 28,057 27,324 9 
Total liabilities and shareholders' equity$270,979 $272,219 $269,261 $261,108 $250,587 8 
Return on average equity (C)33.9 %41.4 %34.3 %31.5 %36.3 %
Return on average common equity (C)35.3 %43.2 %35.9 %33.0 %38.0 %
Book value per common share (dollars)$39.92 $39.26 $37.79 $36.61 $35.32 13 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q3'24Q2'24Q1'24Q4'23Q3'23
Shares Outstanding (in millions) 
Beginning of period712 719 723 729 736 
Repurchase of common shares(8)(7)(5)(6)(8)
Net impact of employee benefit plans and others— — 1 — 1 
End of period704 712 719 723 729 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.7 %10.8 %10.6 %10.5 %10.7 %
Tier 111.4 %11.5 %11.3 %11.3 %11.5 %
Total13.4 %13.5 %13.2 %13.1 %13.4 %
Common Equity Tier 1$24.6 $24.6 $23.7 $23.2 $22.5 
Tier 1 Capital$26.2 $26.1 $25.3 $24.8 $24.0 
Tier 2 Capital$4.6 $4.6 $4.1 $4.0 $4.0 
Total Capital$30.8 $30.7 $29.4 $28.8 $28.0 
RWA$229.9 $227.8 $223.4 $219.7 $209.4 
Tier 1 Leverage9.8 %9.9 %9.8 %9.9 %10.0 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)$267.6 $263.3 $257.6 $249.6 $240.9 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Millions, except percentages and where indicated) 
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Network volumes (Billions) (E)$441.0 $440.6 $419.2 $434.4 $420.2 5 $1,300.8 $1,245.7 4 
Billed business (E)$387.3 $388.2 $367.0 $379.8 $366.2 6 $1,142.5 $1,079.8 6 
Processed volumes (E)$53.7 $52.4 $52.2 $54.6 $54.0 (1)$158.3 $165.9 (5)
Card Member loans$134,548 $130,851 $126,619 $125,995 $117,978 14 $134,548 $117,978 14 
Cards-in-force (F)145.5 144.3 142.4 141.2 138.2 5 145.5 138.2 5 
Proprietary cards-in-force82.9 82.1 81.1 80.2 79.6 4 82.9 79.6 4 
Basic cards-in-force (F)122.4 121.4 119.8 118.7 115.9 6 122.4 115.9 6 
Proprietary basic cards-in-force63.7 63.1 62.3 61.7 61.2 4 63.7 61.2 4 
Proprietary new cards acquired (G)3.3 3.3 3.4 2.9 2.9 14 10.0 9.4 6 
Average proprietary basic Card Member spending (dollars)$6,110 $6,192 $5,919 $6,179 $6,000 2 $18,224 $17,879 2 
Average fee per card (dollars) (H)$105 $101 $98 $95 $93 13 $101 $91 11 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (I)ReportedFX-Adjusted (I)
 Q3'24Q2'24Q1'24Q4'23Q3'23Q3'24Q2'24Q1'24Q4'23Q3'23YTD'24YTD'24
Network volumes (E)5%3%5%5%7%5%4%6%5%6%4%5%
Billed business (E)656686676766
U.S. Consumer Services66879n/an/an/an/an/a7n/a
Commercial Services122111221112
International Card Services131011141813131313151213
Processed volumes (E)(1)(10)(2)(2)(3)1(7)2(1)(1)(5)(1)
Merchant industry billed business
Goods & Services (G&S) spend (73% of Q3'24 billed business)656566665666
T&E spend (27% of Q3'24 billed business)66891367891377
Airline spend (6% of Q3'24 billed business)64871365961267

See Appendix III for footnote references
5

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (J)2.2 %2.4 %2.3 %2.2 %2.0 %2.3 %1.9 %
Net write-off rate (principal only) (J)(K)1.9 %2.1 %2.1 %2.0 %1.8 %2.1 %1.7 %
30+ days past due as a % of total (K)1.3 %1.2 %1.3 %1.3 %1.2 %1.3 %1.2 %
Card Member loans         
Total Card Member loans$134,548 $130,851 $126,619 $125,995 $117,978 14 $134,548 $117,978 14 
Credit loss reserves
Beginning balance$5,321 $5,271 $5,118 $4,721 $4,390 21 $5,118 $3,747 37 
Provisions - principal, interest and fees1,114 970 1,014 1,148 982 13 3,098 2,691 15 
Net write-offs - principal less recoveries(701)(753)(705)(631)(525)34 (2,159)(1,412)53 
Net write-offs - interest and fees less recoveries(152)(160)(150)(133)(114)33 (462)(310)49 
Other (L)6 (7)(6)13 (12)#(7)5 #
Ending balance $5,588 $5,321 $5,271 $5,118 $4,721 18 $5,588 $4,721 18 
% of loans4.2 %4.1 %4.2 %4.1 %4.0 %4.2 %4.0 %
% of past due 297 %312 %297 %297 %316 %297 %316 %
Average loans$132,956 $128,321 $124,720 $121,774 $116,626 14 $128,652 $112,350 15 
Net write-off rate (principal, interest and fees) (J)2.6 %2.8 %2.7 %2.5 %2.2 %2.7 %2.0 %
Net write-off rate (principal only) (J)(K)2.1 %2.3 %2.3 %2.1 %1.8 %2.2 %1.7 %
30+ days past due as a % of total (K)1.4 %1.3 %1.4 %1.4 %1.3 %1.4 %1.3 %
Net interest income divided by average Card Member loans (M)12.0 %11.7 %12.2 %11.7 %11.7 %11.9 %11.3 % 
Net interest yield on average Card Member loans (M)12.0 %11.7 %12.0 %11.7 %11.7 %11.9 %11.4 % 
Card Member receivables         
Total Card Member receivables$59,042 $59,656 $59,775 $60,411 $58,825 — $59,042 $58,825 — 
Credit loss reserves
Beginning balance$171 $151 $174 $174 $210 (19)$174 $229 (24)
Provisions - principal and fees170 226 196 222 206 (17)592 658 (10)
Net write-offs - principal and fees less recoveries(187)(205)(217)(223)(241)(22)(609)(714)(15)
Other (L)2 (1)(2)1 (1)#(1)1 #
Ending balance$156 $171 $151 $174 $174 (10)$156 $174 (10)
% of receivables0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %
Net write-off rate (principal and fees) (J)1.3 %1.4 %1.5 %1.5 %1.7 %1.4 %1.7 %
Net write-off rate (principal only) (J)(K)1.4 %1.5 %1.7 %1.7 %1.9 %1.6 %1.9 % 
30+ days past due as a % of total (K)0.9 %0.9 %1.1 %1.1 %1.1 %0.9 %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
(Millions, except percentages and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Other loans (B)
Total other loans$8,460 $8,157 $7,601 $7,086 $6,591 28 $8,460 $6,591 28 
Credit loss reserves
Beginning balance$140 $136 $126 $108 $98 43 $126 $59 #
Provisions60 49 53 52 39 54 162 122 33 
Net write-offs(46)(45)(43)(34)(29)59 (134)(73)84 
Other (L)— — — — — — — — — 
Ending balance$154 $140 $136 $126 $108 43 $154 $108 43 
% of other loans1.8 %1.7 %1.8 %1.8 %1.6 %1.8 %1.6 %
Other receivables (B)
Total other receivables$3,800 $3,889 $3,785 $3,654 $4,384 (13)$3,800 $4,384 (13)
Credit loss reserves
Beginning balance$44 $27 $27 $27 $24 83 $27 $22 23 
Provisions12 23 6 15 6 #41 15 #
Net write-offs(6)(4)(6)(16)(3)#(16)(10)60 
Other (L)(1)(2)— 1 — — (3)— — 
Ending balance$49 $44 $27 $27 $27 81 $49 $27 81 
% of other receivables1.3 %1.1 %0.7 %0.7 %0.6 %1.3 %0.6 %
# - 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
Q3'24     
Non-interest revenues$5,028 $3,304 $2,659 $1,667 $(28)$12,630 
Interest income3,722 1,142 588 11 686 6,149 
Interest expense806 448 311 (169)747 2,143 
Total revenues net of interest expense7,944 3,998 2,936 1,847 (89)16,636 
Total provisions for credit losses812 374 158 10 2 1,356 
Total revenues net of interest expense after provisions for credit losses7,132 3,624 2,778 1,837 (91)15,280 
Card Member rewards, business development, Card Member services and marketing4,325 1,935 1,583 381 23 8,247 
Salaries and employee benefits and other operating expenses1,148 781 740 465 695 3,829 
Total expenses5,473 2,716 2,323 846 718 12,076 
Pretax income (loss)$1,659 $908 $455 $991 $(809)$3,204 
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 
Card Member rewards, business development, Card Member services and marketing3,804 1,818 1,376 390 8 7,396 
Salaries and employee benefits and other operating expenses1,068 754 726 469 635 3,652 
Total expenses4,872 2,572 2,102 859 643 11,048 
Pretax income (loss)$1,584 $852 $387 $986 $(709)$3,100 
YOY % change
Non-interest revenues7 1 11 1 36 6 
Interest income15 30 9 (21)18 17 
Interest expense15 15 9 7 24 19 
Total revenues net of interest expense10 7 11 — (31)8 
Total provisions for credit losses8 16 3 67 #10 
Total revenues net of interest expense after provisions for credit losses10 6 12 — (38)8 
Card Member rewards, business development, Card Member services and marketing14 6 15 (2)#12 
Salaries and employee benefits and other operating expenses7 4 2 (1)9 5 
Total expenses12 6 11 (2)12 9 
Pretax income (loss)5 7 18 1 (14)3 
# - 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 and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$5,028 $5,029 $4,766 $4,782 $4,680 7 $14,823 $13,682 8 
Interest income3,722 3,474 3,481 3,399 3,228 15 10,677 8,937 19 
Interest expense806 771 748 786 700 15 2,325 1,898 22 
Net interest income2,916 2,703 2,733 2,613 2,528 15 8,352 7,039 19 
Total revenues net of interest expense7,944 7,732 7,499 7,395 7,208 10 23,175 20,721 12 
Total provisions for credit losses812 706 727 860 752 8 2,245 1,995 13 
Total revenues net of interest expense after provisions for credit losses7,132 7,026 6,772 6,535 6,456 10 20,930 18,726 12 
Card Member rewards, business development, Card Member services and marketing4,325 4,351 4,075 3,811 3,804 14 12,751 11,582 10 
Salaries and employee benefits and other operating expenses1,148 1,115 1,084 1,255 1,068 7 3,347 3,180 5 
Total expenses5,473 5,466 5,159 5,066 4,872 12 16,098 14,762 9 
Pretax segment income$1,659 $1,560 $1,613 $1,469 $1,584 5 $4,832 $3,964 22 
Billed business (billions) (E)$162.3 $165.1 $153.4 $159.7 $153.5 6 $480.8 $451.1 7 
Proprietary cards-in-force (F)45.7 45.2 44.4 43.8 43.4 5 45.7 43.4 5 
Proprietary basic cards-in-force (F)32.1 31.7 31.1 30.7 30.4 6 32.1 30.4 6 
Average proprietary basic Card Member spending (dollars)$5,091 $5,258 $4,962 $5,229 $5,062 1 $15,313 $15,072 2 
Segment assets$106,201 $108,224 $104,297 $107,158 $98,218 8 $106,201 $98,218 8 
Card Member loans
Total loans$86,752 $84,958 $82,255 $83,207 $77,718 12 $86,752 $77,718 12 
Average loans$86,223 $83,452 $81,746 $80,304 $77,080 12 $83,847 $74,418 13 
Net write-off rate (principal, interest and fees) (J)2.6 %2.9 %2.8 %2.5 %2.2 %2.8 %2.0 % 
Net write-off rate (principal only) (J)2.1 %2.4 %2.3 %2.1 %1.7 %2.2 %1.6 % 
30+ days past due as a % of total1.4 %1.3 %1.4 %1.4 %1.3 %1.4 %1.3 % 
Net interest income divided by average Card Member loans (M)13.5 %13.0 %13.4 %12.9 %13.0 %13.3 %12.6 % 
Net interest yield on average Card Member loans (M)13.0 %12.6 %13.0 %12.7 %12.7 %12.9 %12.4 % 
Card Member receivables
Total receivables$13,168 $13,796 $13,588 $14,789 $13,211 — $13,168 $13,211 — 
Net write-off rate (principal and fees) (J)1.2 %1.2 %1.5 %1.3 %1.3 %1.3 %1.3 % 
Net write-off rate (principal only) (J)1.1 %1.1 %1.3 %1.2 %1.2 %1.2 %1.2 % 
30+ days past due as a % of total0.7 %0.7 %0.8 %0.8 %0.9 %0.7 %0.9 % 

See Appendix III for footnote references
9

Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$3,304 $3,333 $3,194 $3,266 $3,257 1 $9,831 $9,665 2 
Interest income1,142 1,051 1,005 949 881 30 3,198 2,379 34 
Interest expense448 430 414 407 391 15 1,292 1,076 20 
Net interest income694 621 591 542 490 42 1,906 1,303 46 
Total revenues net of interest expense3,998 3,954 3,785 3,808 3,747 7 11,737 10,968 7 
Total provisions for credit losses374 349 355 368 323 16 1,078 945 14 
Total revenues net of interest expense after provisions for credit losses3,624 3,605 3,430 3,440 3,424 6 10,659 10,023 6 
Card Member rewards, business development, Card Member services and marketing1,935 1,958 1,819 1,855 1,818 6 5,712 5,567 3 
Salaries and employee benefits and other operating expenses781 742 733 919 754 4 2,256 2,261 — 
Total expenses2,716 2,700 2,552 2,774 2,572 6 7,968 7,828 2 
Pretax segment income$908 $905 $878 $666 $852 7 $2,691 $2,195 23 
Billed business (billions) (E)$131.0 $132.3 $127.1 $131.3 $129.5 1 $390.4 $384.7 1 
Proprietary cards-in-force (F)15.5 15.4 15.4 15.4 15.4 1 15.5 15.4 1 
Average proprietary basic Card Member spending (dollars)$8,474 $8,588 $8,261 $8,515 $8,434 — $25,319 $25,234 — 
Segment assets$59,716 $58,993 $58,143 $55,361 $56,585 6 $59,716 $56,585 6 
Card Member loans
Total loans$29,869 $28,621 $27,634 $25,838 $25,150 19 $29,869 $25,150 19 
Average loans$29,428 $28,031 $26,553 $25,608 $24,415 21 $27,979 $23,312 20 
Net write-off rate (principal, interest and fees) (J)2.6 %2.7 %2.6 %2.4 %2.0 %2.7 %1.8 %
Net write-off rate (principal only) (J)2.2 %2.3 %2.3 %2.1 %1.8 %2.3 %1.5 %
30+ days past due as a % of total1.5 %1.4 %1.5 %1.4 %1.2 %1.5 %1.2 %
Net interest income divided by average Card Member loans (M)9.4 %8.9 %9.0 %8.4 %8.0 %9.1 %7.5 %
Net interest yield on average Card Member loans (M)10.9 %10.5 %10.6 %10.3 %10.1 %10.7 %9.7 %
Card Member receivables
Total receivables$26,341 $26,737 $27,024 $26,222 $28,280 (7)$26,341 $28,280 (7)
Net write-off rate (principal and fees) (J)1.3 %1.4 %1.4 %1.5 %1.5 %1.4 %1.5 %
Net write-off rate (principal only) - small business (J)1.8 %2.0 %2.1 %2.0 %2.1 %2.0 %2.1 %
30+ days past due as a % of total - small business1.2 %1.2 %1.4 %1.5 %1.4 %1.2 %1.4 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.5 %0.4 %0.4 %0.4 %0.4 %

See Appendix III for footnote references
10

International Card Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$2,659 $2,548 $2,437 $2,466 $2,390 11 $7,644 $7,006 9 
Interest income588 577 583 574 538 9 1,748 1,502 16 
Interest expense311 303 307 348 285 9 921 770 20 
Net interest income277 274 276 226 253 9 827 732 13 
Total revenues net of interest expense2,936 2,822 2,713 2,692 2,643 11 8,471 7,738 9 
Total provisions for credit losses158 192 182 194 154 3 532 533 — 
Total revenues net of interest expense after provisions for credit losses2,778 2,630 2,531 2,498 2,489 12 7,939 7,205 10 
Card Member rewards, business development, Card Member services and marketing1,583 1,592 1,555 1,488 1,376 15 4,730 4,181 13 
Salaries and employee benefits and other operating expenses740 748 724 866 726 2 2,212 2,195 1 
Total expenses2,323 2,340 2,279 2,354 2,102 11 6,942 6,376 9 
Pretax segment income (loss)$455 $290 $252 $144 $387 18 $997 $829 20 
Billed business (billions) (E)$93.6 $90.2 $85.4 $88.1 $82.7 13 $269.2 $241.4 12 
Proprietary cards-in-force (F)21.7 21.5 21.3 21.0 20.8 4 21.7 20.8 4 
Proprietary basic cards-in-force (F)16.2 16.0 15.8 15.6 15.4 5 16.2 15.4 5 
Average proprietary basic Card Member spending (dollars)$5,829 $5,681 $5,436 $5,684 $5,382 8 $16,956 $15,861 7 
Segment assets$43,073 $41,982 $41,472 $42,234 $38,553 12 $43,073 $38,553 12 
Card Member loans - consumer and small business
Total loans$17,927 $17,272 $16,730 $16,950 $15,110 19 $17,927 $15,110 19 
Average loans $17,305 $16,838 $16,422 $15,862 $15,131 14 $16,826 $14,620 15 
Net write-off rate (principal, interest and fees) (J)2.4 %2.5 %2.6 %2.5 %2.6 %2.5 %2.5 %
Net write-off rate (principal only) (J)2.0 %2.1 %2.2 %2.1 %2.1 %2.1 %2.1 %
30+ days past due as a % of total1.2 %1.2 %1.3 %1.3 %1.4 %1.2 %1.4 %
Net interest income divided by average Card Member loans (M)6.4 %6.5 %6.8 %5.6 %6.6 %6.6 %6.7 %
Net interest yield on average Card Member loans (M)8.8 %9.0 %9.5 %9.1 %9.4 %9.1 %9.2 %
Card Member receivables
Total receivables$19,533 $19,123 $19,163 $19,400 $17,334 13 $19,533 $17,334 13 
Net write-off rate (principal and fees) (J)1.3 %1.5 %1.6 %1.8 %2.2 %1.5 %2.2 %
Net write-off rate (principal only) - consumer and small business (J)1.4 %1.6 %1.7 %1.8 %2.4 %1.6 %2.4 %
30+ days past due as a % of total - consumer and small business0.9 %0.9 %1.0 %1.0 %1.1 %0.9 %1.1 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.5 %0.5 %0.6 %0.4 %0.6 %

See Appendix III for footnote references
11

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages and where indicated)        
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$1,667 $1,684 $1,655 $1,693 $1,656 1 $5,006 $4,927 2 
Interest income11 13 17 15 14 (21)41 42 (2)
Interest expense(169)(176)(198)(233)(181)7 (543)(486)(12)
Net interest income180 189 215 248 195 (8)584 528 11 
Total revenues net of interest expense1,847 1,873 1,870 1,941 1,851 — 5,590 5,455 2 
Total provisions for credit losses10 20 6 14 6 67 36 13 #
Total revenues net of interest expense after provisions for credit losses1,837 1,853 1,864 1,927 1,845 — 5,554 5,442 2 
Business development, Card Member services and marketing381 374 352 457 390 (2)1,107 1,198 (8)
Salaries and employee benefits and other operating expenses465 (58)495 648 469 (1)902 1,410 (36)
Total expenses846 316 847 1,105 859 (2)2,009 2,608 (23)
Pretax segment income$991 $1,537 $1,017 $822 $986 1 $3,545 $2,834 25 
         
Total network volumes (billions) (E)$441.0 $440.6 $419.2 $434.4 $420.2 5 $1,300.8 $1,245.7 4 
Segment assets$17,739 $24,446 $24,885 $23,714 $20,764 (15)$17,739 $20,764 (15)
# - 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) 
Q3'24Q2'24Q1'24Q4'23Q3'23
ROE     
Annualized Net income$10,028 $12,060 $9,748 $8,374 $9,804 
Average shareholders' equity$29,623 $29,152 $28,410 $26,557 $27,013 
Return on average equity (C)33.9 %41.4 %34.3 %31.5 %36.3 %
Reconciliation of ROCE     
Annualized Net income$10,028 $12,060 $9,748 $8,374 $9,804 
Preferred share dividends and equity related adjustments58 59 57 58 58 
Earnings allocated to participating share awards and other75 92 73 64 75 
Net income attributable to common shareholders$9,895 $11,909 $9,618 $8,252 $9,671 
Average shareholders' equity$29,623 $29,152 $28,410 $26,557 $27,013 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$28,039 $27,568 $26,826 $24,973 $25,429 
Return on average common equity (C)35.3 %43.2 %35.9 %33.0 %38.0 %

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) 
 Q3'24Q2'24Q1'24Q4'23Q3'23YTD'24YTD'23
Consolidated       
Net interest income$4,006 $3,730 $3,769 $3,604 $3,442 $11,505$9,530
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)940 912 882 821 770 2,734 2,122 
Interest income not attributable to our Card Member loan portfolio (O)(940)(920)(916)(824)(767)(2,776)(2,072)
Adjusted net interest income (M)$4,006 $3,722 $3,735 $3,601 $3,445 $11,463 $9,580 
Average Card Member loans$132,956 $128,321 $124,720 $121,774 $116,626 $128,652 $112,350 
Net interest income divided by average Card Member loans (M)12.0 %11.7 %12.2 %11.7 %11.7 %11.9 %11.3 %
Net interest yield on average Card Member loans (M)12.0 %11.7 %12.0 %11.7 %11.7 %11.9 %11.4 %
U.S. Consumer Services
Net interest income$2,916 $2,703 $2,733 $2,613 $2,528 $8,352 $7,039 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)45 44 36 71 41 125 121 
Interest income not attributable to our Card Member loan portfolio (O)(143)(132)(122)(112)(101)(397)(274)
Adjusted net interest income (M)$2,818 $2,615 $2,647 $2,572 $2,468 $8,080 $6,886 
Average Card Member loans$86,223 $83,452 $81,746 $80,304 $77,080 $83,847 $74,418 
Net interest income divided by average Card Member loans (M)13.5 %13.0 %13.4 %12.9 %13.0 %13.3 %12.6 %
Net interest yield on average Card Member loans (M)13.0 %12.6 %13.0 %12.7 %12.7 %12.9 %12.4 %
Commercial Services
Net interest income$694 $621 $591 $542 $490 $1,906 $1,303 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)193 190 184 186 185 567 525 
Interest income not attributable to our Card Member loan portfolio (O)(84)(81)(74)(65)(55)(239)(139)
Adjusted net interest income (M)$803 $730 $701 $663 $620 $2,234 $1,689 
Average Card Member loans$29,428 $28,031 $26,553 $25,608 $24,415 $27,979 $23,312 
Net interest income divided by average Card Member loans (M)9.4 %8.9 %9.0 %8.4 %8.0 %9.1 %7.5 %
Net interest yield on average Card Member loans (M)10.9 %10.5 %10.6 %10.3 %10.1 %10.7 %9.7 %
International Card Services
Net interest income$277 $274 $276 $226 $253 $827 $732 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)122 118 126 156 121 366 319 
Interest income not attributable to our Card Member loan portfolio (O)(14)(15)(15)(16)(17)(44)(46)
Adjusted net interest income (M)$385 $377 $387 $366 $357 $1,149 $1,005 
Average Card Member loans$17,305 $16,838 $16,422 $15,862 $15,131 $16,826 $14,620 
Net interest income divided by average Card Member loans (M)6.4 %6.5 %6.8 %5.6 %6.6 %6.6 %6.7 %
Net interest yield on average Card Member loans (M)8.8 %9.0 %9.5 %9.1 %9.4 %9.1 %9.2 %
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 $18 million, $23 million, $18 million, $14 million and $19 million in Q3'24, Q2'24, Q1'24, Q4'23 and Q3'23, respectively; and (ii) dividends on preferred shares of $15 million, $15 million, $14 million, $15 million and $14 million in Q3'24, Q2'24, Q1'24, Q4'23 and Q3'23, respectively.
(B)Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses, 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 the total of billed business and processed volumes. Billed business (Card Member spending) represents transaction volumes (including cash advances) on payment products issued by American Express. Processed volumes represent transaction volumes (including cash advances) on cards issued under network partnership agreements with banks and other institutions, including joint ventures, as well as alternative payment solutions facilitated by American Express.
(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, except for retail cobrand cards issued by network partners that had no out-of-store spending activity during the prior twelve months. 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)Proprietary new cards acquired represents the number of new cards issued by American Express during the referenced period, net of replacement cards. Proprietary new cards acquired is useful as a measure of the effectiveness of our customer acquisition strategy.
(H)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(I)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).
(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 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.
(L)Other includes foreign currency impact on balance sheet re-measurement and translation.
(M)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.
(N)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(O)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
15