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Published: 2021-07-23 00:00:00 ET
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EX-99.2 3 q221exhibit992.htm EX-99.2 Document

Exhibit 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q2'21Q1'21Q4'20Q3'20Q2'20YOY % changeYTD'21YTD'20YOY % change
Non-interest revenues
Discount revenue$6,327 $5,242 $5,549 $4,999 $4,015 58 $11,569 $9,853 17 
Net card fees (A)1,286 1,253 1,222 1,191 1,141 13 2,539 2,251 13 
Other fees and commissions560 520 516 478 449 25 1,080 1,169 (8)
Other252 219 167 209 186 35 471 498 (5)
Total non-interest revenues8,425 7,234 7,454 6,877 5,791 45 15,659 13,771 14 
Interest income
Interest on loans2,094 2,144 2,236 2,266 2,368 (12)4,238 5,277 (20)
Interest and dividends on investment securities24 24 29 33 27 (11)48 65 (26)
Deposits with banks and other22 24 22 25 31 (29)46 130 (65)
Total interest income2,140 2,192 2,287 2,324 2,426 (12)4,332 5,472 (21)
Interest expense
Deposits113 134 155 202 260 (57)247 586 (58)
Long-term debt and other209 228 235 248 282 (26)437 672 (35)
Total interest expense322 362 390 450 542 (41)684 1,258 (46)
Net interest income1,818 1,830 1,897 1,874 1,884 (4)3,648 4,214 (13)
Total revenues net of interest expense10,243 9,064 9,351 8,751 7,675 33 19,307 17,985 7 
Provisions for credit losses
Card Member receivables(125)(10)(54)117 355 #(135)952 #
Card Member loans(396)(573)37 571 969 #(969)2,845 #
Other(85)(92)(94)(23)231 #(177)379 #
Total provisions for credit losses(606)(675)(111)665 1,555 #(1,281)4,176 #
Total revenues net of interest expense after provisions for credit losses10,849 9,739 9,462 8,086 6,120 77 20,588 13,809 49 
Expenses
Marketing and business development (A)2,219 1,766 1,858 1,822 1,362 63 3,985 3,067 30 
Card Member rewards2,712 2,243 2,296 2,004 1,349 #4,955 3,741 32 
Card Member services432 317 307 259 208 #749 664 13 
Salaries and employee benefits1,539 1,550 1,566 1,408 1,349 14 3,089 2,744 13 
Professional services458 403 523 421 406 13 861 845 2 
Data processing and equipment577 582 644 577 564 2 1,159 1,113 4 
Other, net(28)(115)410 231 260 #(143)561 #
Total expenses7,909 6,746 7,604 6,722 5,498 44 14,655 12,735 15 
Pretax income2,940 2,993 1,858 1,364 622 #5,933 1,074 #
Income tax provision660 758 420 291 365 81 1,418 450 #
Net income$2,280 $2,235 $1,438 $1,073 $257 #$4,515 $624 #
Net income attributable to common shareholders (B)$2,249 $2,206 $1,415 $1,050 $238 #$4,455 $571 #
Effective tax rate22.4 %25.3 %22.6 %21.3 %58.7 %23.9 %41.9 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$2.81 $2.74 $1.76 $1.31 $0.29 #$5.55 $0.71 #
Average common shares outstanding801 804 805 804 804 — 802 806 — 
Diluted
Net income attributable to common shareholders $2.80 $2.74 $1.76 $1.30 $0.29 #$5.54 $0.71 #
Average common shares outstanding802 805 806 805 805 — 803 807 — 
Cash dividends declared per common share $0.43 $0.43 $0.43 $0.43 $0.43 — $0.86 $0.86 — 
# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)
 Q2'21Q1'21Q4'20Q3'20Q2'20YOY % change
Assets      
Cash & cash equivalents$31 $40 $33 $36 $42 (26)
Card Member receivables, less reserves48 42 43 40 37 30 
Card Member loans, less reserves72 66 68 64 64 13 
Investment securities12 21 22 22 20 (40)
Other (C)24 24 25 25 26 (8)
Total assets$187 $193 $191 $187 $189 (1)
Liabilities and Shareholders' Equity      
Customer deposits$85 $89 $87 $85 $85 — 
Short-term borrowings2 2 2 2 2 — 
Long-term debt37 42 43 45 49 (24)
Other (C)37 36 36 33 32 16 
Total liabilities161 169 168 165 168 (4)
Shareholders' Equity26 24 23 22 21 24 
Total liabilities and shareholders' equity$187 $193 $191 $187 $189 (1)
Return on average equity (D)30.5 %22.6 %14.2 %15.3 %18.1 %
Return on average common equity (D)32.2 %23.9 %14.9 %15.9 %18.9 %
Book value per common share (dollars)$30.02 $28.46 $26.58 $25.19 $24.19 24 

See Appendix IV for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q2'21Q1'21Q4'20Q3'20Q2'20
Shares Outstanding (in millions) 
Beginning of period803 805 805 805 805 
Repurchase of common shares(6)(3)— — — 
Net impact of employee benefit plans and others1 1 — — — 
End of period798 803 805 805 805 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)14.2 %14.8 %13.5 %13.9 %13.6 %
Tier 115.3 %16.0 %14.7 %15.1 %14.8 %
Total16.8 %17.5 %16.2 %16.7 %16.5 %
Common Equity Tier 1$21.0 $20.0 $18.7 $18.3 $17.6 
Tier 1 Capital$22.6 $21.6 $20.3 $19.9 $19.2 
Tier 2 Capital$2.2 $2.1 $2.1 $2.2 $2.1 
Total Capital$24.8 $23.6 $22.4 $22.1 $21.3 
RWA$147.5 $135.1 $138.3 $131.9 $129.3 
Tier 1 Leverage12.2 %11.4 %11.0 %10.8 %10.4 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (E)$185.6 $189.3 $185.1 $185.3 $184.3 

See Appendix IV for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Billions, except percentages and where indicated) 
 Q2'21Q1'21Q4'20Q3'20Q2'20YOY % changeYTD'21YTD'20YOY % change
Network volumes (F)
U.S. $222.6 $186.2 $195.0 $174.6 $145.1 53 $408.9 $338.5 21 
Outside the U.S.93.5 83.1 90.9 80.9 65.9 42 176.5 157.9 12 
Total$316.1 $269.3 $285.9 $255.5 $211.0 50 $585.4 $496.4 18 
Billed business (F)$267.8 $225.4 $239.8 $213.6 $174.7 53 $493.3 $417.3 18 
Processed volumes (F)48.3 43.9 46.1 41.9 36.3 33 92.1 79.1 16 
Total$316.1 $269.3 $285.9 $255.5 $211.0 50 $585.4 $496.4 18 
Cards-in-force (millions) (G)
U.S. 54.8 54.1 53.8 53.6 54.4 1 54.8 54.4 1 
Outside the U.S. 60.2 58.8 58.2 57.9 58.5 3 60.2 58.5 3 
Total115.0 112.9 112.0 111.5 112.9 2 115.0 112.9 2 
Proprietary69.6 69.0 68.9 68.8 69.3 — 69.6 69.3 — 
GNS45.4 43.9 43.1 42.7 43.6 4 45.4 43.6 4 
Total115.0 112.9 112.0 111.5 112.9 2 115.0 112.9 2 
Basic cards-in-force (millions) (G)
U.S.43.0 42.4 42.2 42.0 42.7 1 43.0 42.7 1 
Outside the U.S.51.2 49.8 49.1 48.8 49.1 4 51.2 49.1 4 
Total94.2 92.2 91.3 90.8 91.8 3 94.2 91.8 3 
Average proprietary basic Card Member spending (dollars)
U.S.$5,607 $4,723 $4,983 $4,486 $3,697 52 $10,331 $8,629 20 
Outside the U.S.$3,686 $3,170 $3,505 $2,989 $2,272 62 $6,854 $5,788 18 
Average$5,051 $4,270 $4,549 $4,041 $3,270 54 $9,322 $7,776 20 
Card Member loans
U.S.$66.2 $61.6 $64.2 $61.4 $62.0 7 $66.2 $62.0 7 
Outside the U.S.9.4 8.5 9.2 8.2 8.1 16 9.4 8.1 16 
Total$75.6 $70.1 $73.4 $69.6 $70.1 8 $75.6 $70.1 8 
Average discount rate (H)2.30 %2.26 %2.25 %2.27 %2.23 %2.28 %2.30 %
Average fee per card (dollars) (I)$74 $73 $71 $69 $65 14 $73 $64 14 

See Appendix IV for footnote references
4

American Express Company(Preliminary)
Selected Credit Related Statistical Information
(Billions, except percentages and where indicated)
 Q2'21Q1'21Q4'20Q3'20Q2'20YOY % changeYTD'21YTD'20YOY % change
Worldwide Card Member loans         
U.S.$66.2 $61.6 $64.2 $61.4 $62.0 7 $66.2 $62.0 7 
Outside the U.S.$9.4 $8.5 $9.2 $8.2 $8.1 16 $9.4 $8.1 16 
Total loans$75.6 $70.1 $73.4 $69.6 $70.1 8 $75.6 $70.1 8 
Credit loss reserves (millions)
Beginning balance$4,467 $5,344 $5,688 $5,628 $5,236 (15)$5,344 $4,027 33 
Provisions - principal, interest and fees(396)(573)37 571 969 #(969)2,845 #
Net write-offs - principal less recoveries(185)(241)(346)(432)(499)(63)(426)(1,017)(58)
Net write-offs - interest and fees less recoveries(58)(63)(74)(91)(103)(44)(121)(210)(42)
Other (J)7 — 39 12 25 (72)7 (17)#
Ending balance $3,835 $4,467 $5,344 $5,688 $5,628 (32)$3,835 $5,628 (32)
% of loans5.1 %6.4 %7.3 %8.2 %8.0 %5.1 %8.0 %
% of past due 782 %723 %727 %679 %493 %782 %493 %
Average loans$72.8 $70.7 $71.2 $69.9 $72.1 1 $72.0 $77.8 (7)
Net write-off rate (principal only) (K)1.0 %1.4 %1.9 %2.5 %2.8 %1.2 %2.6 %
Net write-off rate (principal, interest and fees) (K)1.3 %1.7 %2.4 %3.0 %3.3 %1.5 %3.2 %
30+ days past due as a % of total (L)0.6 %0.9 %1.0 %1.2 %1.6 %0.6 %1.6 %
Net interest income divided by average Card Member loans (M)10.0 %10.4 %10.7 %10.7 %10.5 %10.1 %10.8 % 
Net interest yield on average Card Member loans (M)10.6 %11.3 %11.4 %11.6 %11.6 %10.9 %11.7 % 
Worldwide Card Member receivables         
U.S.$33.9 $30.1 $30.5 $29.2 $26.9 26 $33.9 $26.9 26 
Outside the U.S.$13.7 $11.9 $13.2 $11.6 $10.7 28 $13.7 $10.7 28 
Total receivables$47.6 $42.0 $43.7 $40.8 $37.6 27 $47.6 $37.6 27 
Credit loss reserves (millions)
Beginning balance$202 $267 $422 $519 $459 (56)$267 $126 #
Provisions - principal and fees(125)(10)(54)117 355 #(135)952 #
Net write-offs - principal and fees less recoveries (N)(4)(53)(105)(219)(299)(99)(57)(557)(90)
Other (J)— (2)4 5 4 #(2)(2)— 
Ending balance$73 $202 $267 $422 $519 (86)$73 $519 (86)
% of receivables0.2 %0.5 %0.6 %1.0 %1.4 %0.2 %1.4 %
Net write-off rate (principal and fees) (K)(N)0.0 %0.5 %1.0 %2.2 %3.1 %0.3 %2.4 %
Net write-off rate, excluding Global Corporate Payments (GCP) (principal and fees) (K)(O)0.3 %0.6 %1.1 %2.2 %2.8 %0.4 %2.5 %
Net write-off rate, excluding GCP (principal only) (K)(O)0.3 %0.5 %1.0 %2.0 %2.5 %0.4 %2.3 % 
30+ days past due as a % of total, excluding GCP (L)(O)0.5 %0.6 %0.6 %0.9 %1.7 %0.5 %1.7 % 
Other loans (C)
Total other loans$2.2 $2.3 $2.9 $3.5 $4.6 (52)$2.2 $4.6 (52)
Credit loss reserves (millions)
Beginning balance$143 $238 $370 $423 $241 $(41)$238 $172 38 
Provisions(65)(82)(101)(26)206 #(147)304 #
Net write-offs(5)(14)(31)(27)(24)(79)(19)(53)(64)
Other (J)(1)1 — — — — — — — 
Ending balance$72 $143 $238 $370 $423 $(83)$72 $423 $(83)
% of other loans3.3 %6.2 %8.2 %10.6 %9.2 %3.3 %9.2 %
Other receivables (C)
Total other receivables$2.9 $2.4 $3.0 $2.6 $2.8 4 $2.9 $2.8 4 
Credit loss reserves (millions)
Beginning balance$67 $85 $85 $94 $71 (6)$85 $27 #
Provisions(20)(10)7 3 25 #(30)75 #
Net write-offs(8)(8)(7)(12)(2)#(16)(8)#
Ending balance$39 $67 $85 $85 $94 (59)$39 $94 (59)
% of other receivables1.3 %2.8 %2.8 %3.3 %3.4 %1.3 %3.4 %
# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references
5

American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions)   
Global Consumer Services Group
(GCSG) (P)		Global Commercial Services
(GCS)		Global Merchant and Network Services
(GMNS) (P)		Corporate and OtherConsolidated
Q2'21     
Non-interest revenues$4,464 $2,815 $1,204 $(58)$8,425 
Interest income1,749 345 4 42 2,140 
Interest expense174 111 (20)57 322 
Total revenues net of interest expense6,039 3,049 1,228 (73)10,243 
Total provisions for credit losses(342)(235)(27)(2)(606)
Total revenues net of interest expense after provisions for credit losses6,381 3,284 1,255 (71)10,849 
Marketing, business development, and Card Member rewards and services3,327 1,630 373 33 5,363 
Salaries and employee benefits and other operating expenses1,172 815 355 204 2,546 
Pretax income (loss)1,882 839 527 (308)2,940 
Q2'20
Non-interest revenues$3,024 $2,014 $827 $(74)$5,791 
Interest income1,971 402 4 49 2,426 
Interest expense272 154 (6)122 542 
Total revenues net of interest expense4,723 2,262 837 (147)7,675 
Total provisions for credit losses887 645 24 (1)1,555 
Total revenues net of interest expense after provisions for credit losses3,836 1,617 813 (146)6,120 
Marketing, business development, and Card Member rewards and services1,757 924 214 24 2,919 
Salaries and employee benefits and other operating expenses1,236 715 411 217 2,579 
Pretax income (loss)843 (22)188 (387)622 
YOY % change
Non-interest revenues48 40 46 (22)45 
Interest income(11)(14)— (14)(12)
Interest expense(36)(28)#(53)(41)
Total revenues net of interest expense28 35 47 (50)33 
Total provisions for credit losses#####
Total revenues net of interest expense after provisions for credit losses66 #54 (51)77 
Marketing, business development, and Card Member rewards and services89 76 74 38 84 
Salaries and employee benefits and other operating expenses(5)14 (14)(6)(1)
Pretax income (loss)###(20)#
# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references
6

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (Q)ReportedFX-Adjusted (Q)
 Q2'21Q1'21Q4'20Q3'20Q2'20Q2'21Q1'21Q4'20Q3'20Q2'20YTD'21YTD'21
Worldwide            
Network volumes (F)50%(6)%(14)%(19)%(34)%46%(8)%(15)%(19)%(33)%18%15%
Total billed business (F)53(7)(15)(20)(35)51(9)(16)(20)(35)1816
Consumer billed business62(4)(12)(17)(35)58(6)(13)(18)(34)2421
Commercial billed business45(10)(18)(23)(36)43(12)(19)(23)(36)1311
Processed volumes (F)333(8)(14)(25)26(1)(10)(13)(22)1611
U.S.            
Network volumes (F)53(4)(12)(17)(32)n/an/an/an/an/a21n/a
Total billed business (F)53(5)(12)(17)(32)n/an/an/an/an/a20n/a
Consumer billed business63(2)(11)(16)(32)n/an/an/an/an/a26n/a
Commercial billed business44(8)(15)(19)(33)n/an/an/an/an/a14n/a
Outside the U.S.            
Network volumes (F)42(10)(18)(23)(38)32(15)(21)(24)(35)124
Total billed business (F)55(14)(22)(27)(44)43(20)(25)(29)(42)135
Consumer billed business59(10)(17)(21)(41)46(17)(20)(23)(39)179
Commercial billed business49(20)(31)(37)(49)38(26)(33)(37)(46)6(2)
Asia Pacific consolidated network volumes280(10)(15)(27)20(7)(15)(17)(25)135
Latin America & Canada network volumes55(19)(29)(37)(49)45(18)(25)(31)(42)97
Europe, Middle East & Africa network volumes66(21)(28)(30)(50)51(27)(31)(32)(49)122
Merchant Industry Metrics
Worldwide billed business (F)
T&E-related (18% of Q2'21 worldwide billed business)#(49)(64)(68)(87)#(50)(65)(68)(87)97
Goods & Services (G&S)-related (82% of Q2'21 worldwide billed business) (R)34851(12)31641(12)2018
Airline-related (3% of Q2'21 worldwide billed business)#(72)(85)(92)##(73)(85)(92)#(18)(20)
U.S. billed business (F)
T&E-related (19% of Q2'21 U.S. billed business)#(43)(62)(67)(85)n/an/an/an/an/a20n/a
G&S-related (81% of Q2'21 U.S. billed business) (R)33752(12)n/an/an/an/an/a20n/a
Airline-related (3% of Q2'21 U.S. billed business)#(67)(82)(90)#n/an/an/an/an/a(2)n/a
# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references
7

Global Consumer Services Group(Preliminary)
Selected Income Statement and Statistical Information (P)
(Millions, except percentages)
 Q2'21Q1'21Q4'20Q3'20Q2'20YOY % changeYTD'21YTD'20YOY % change
Non-interest revenues$4,464 $3,819 $3,970 $3,632 $3,024 48 $8,283 $7,030 18 
Interest income1,749 1,808 1,901 1,916 1,971 (11)3,557 4,382 (19)
Interest expense174 188 210 244 272 (36)362 600 (40)
Net interest income1,575 1,620 1,691 1,672 1,699 (7)3,195 3,782 (16)
Total revenues net of interest expense6,039 5,439 5,661 5,304 4,723 28 11,478 10,812 6 
Total provisions for credit losses(342)(504)43 411 887 #(846)2,696 #
Total revenues net of interest expense after provisions for credit losses6,381 5,943 5,618 4,893 3,836 66 12,324 8,116 52 
Expenses
Marketing, business development, and Card Member rewards and services3,327 2,627 2,799 2,547 1,757 89 5,954 4,495 32 
Salaries and employee benefits and other operating expenses1,172 1,161 1,359 1,221 1,236 (5)2,333 2,519 (7)
Total expenses4,499 3,788 4,158 3,768 2,993 50 8,287 7,014 18 
Pretax segment income$1,882 $2,155 $1,460 $1,125 $843 #$4,037 $1,102 #
(Billions, except percentages and where indicated)
Billed business (F)
U.S.$110.8 $89.0 $94.8 $83.9 $68.1 63 $199.8 $159.0 26 
Outside the U.S.$35.8 $30.3 $34.7 $30.2 $22.5 59 $66.1 $56.2 18 
Total$146.6 $119.3 $129.5 $114.1 $90.6 62 $265.9 $215.2 24 
Proprietary cards-in-force (millions) (G)
U.S.38.1 37.8 37.7 37.5 37.5 2 38.1 37.5 2 
Outside the U.S.16.7 16.7 16.7 16.8 17.2 (3)16.7 17.2 (3)
Total54.8 54.5 54.4 54.3 54.7 — 54.8 54.7 — 
Proprietary basic cards-in-force (millions) (G)
U.S.26.9 26.7 26.6 26.5 26.6 1 26.9 26.6 1 
Outside the U.S.11.6 11.6 11.6 11.7 11.9 (3)11.6 11.9 (3)
Total38.5 38.3 38.2 38.2 38.5 — 38.5 38.5 — 
Average proprietary basic Card Member spending (dollars)
U.S$4,138 $3,336 $3,567 $3,162 $2,548 62 $7,474 $5,922 26 
Outside the U.S.$3,087 $2,616 $2,984 $2,555 $1,871 65 $5,704 $4,656 23 
Average$3,821 $3,118 $3,390 $2,975 $2,338 63 $6,939 $5,529 26 
Segment assets$89.7 $81.9 $87.4 $81.9 $81.0 11 $89.7 $81.0 11 
Card Member loans
Total loans
U.S.$51.8 $48.3 $51.4 $49.8 $50.3 3 $51.8 $50.3 3 
Outside the U.S.$8.8 $8.0 $8.7 $7.7 $7.6 16 $8.8 $7.6 16 
Total$60.6 $56.3 $60.1 $57.5 $57.9 5 $60.6 $57.9 5 
Average loans
U.S.$49.9 $49.0 $50.3 $50.0 $51.7 (3)$49.6 $55.4 (10)
Outside the U.S.$8.4 $8.3 $8.3 $7.8 $7.6 11 $8.4 $8.9 (6)
Total$58.3 $57.3 $58.6 $57.8 $59.3 (2)$58.0 $64.3 (10)
Lending Credit Metrics
U.S.         
Net write-off rate (principal only) (K)0.9 %1.3 %1.9 %2.4 %2.8 %1.1 %2.7 % 
Net write-off rate (principal, interest and fees) (K)1.2 %1.6 %2.3 %2.9 %3.3 %1.4 %3.2 % 
30+ days past due as a % of total (L)0.6 %0.9 %1.0 %1.1 %1.5 %0.6 %1.5 % 
Outside the U.S. 
Net write-off rate (principal only) (K)2.2 %2.5 %2.5 %3.3 %3.7 %2.3 %3.2 % 
Net write-off rate (principal, interest and fees) (K)2.9 %3.2 %3.1 %4.1 %4.6 %3.0 %4.0 % 
30+ days past due as a % of total (L)1.1 %1.6 %1.7 %1.8 %2.3 %1.1 %2.3 % 
Total 
Net write-off rate (principal only) (K)1.1 %1.4 %2.0 %2.5 %2.9 %1.3 %2.7 % 
Net write-off rate (principal, interest and fees) (K)1.5 %1.8 %2.4 %3.1 %3.5 %1.7 %3.3 % 
30+ days past due as a % of total (L)0.7 %1.0 %1.1 %1.2 %1.6 %0.7 %1.6 % 
Net interest income divided by average Card Member loans (M)10.8 %11.3 %11.5 %11.6 %11.5 %11.0 %11.8 % 
Net interest yield on average Card Member loans (M)
U.S.11.4 %12.1 %12.0 %12.0 %11.7 %11.7 %11.9 % 
Outside the U.S.9.9 %10.9 %11.1 %11.9 %13.3 %10.3 %12.4 % 
Total11.1 %11.9 %11.9 %12.0 %11.9 %11.5 %12.0 % 
Card Member receivables
U.S.$12.9 $11.2 $11.9 $10.3 $9.5 36 $12.9 $9.5 36 
Outside the U.S.$7.0 $6.0 $6.8 $5.8 $5.5 27 $7.0 $5.5 27 
Total receivables$19.9 $17.2 $18.7 $16.1 $15.0 33 $19.9 $15.0 33 
Charge Credit Metrics         
U.S.         
Net write-off rate (principal only) (K)0.0 %0.0 %0.4 %1.0 %2.1 %0.0 %1.9 % 
Net write-off rate (principal and fees) (K)0.0 %0.1 %0.5 %1.1 %2.3 %0.0 %2.0 % 
30+ days past due as a % of total (L)0.3 %0.4 %0.4 %0.6 %1.2 %0.3 %1.2 % 
Outside the U.S. 
Net write-off rate (principal only) (K)1.0 %1.3 %1.3 %2.8 %3.5 %1.1 %2.9 % 
Net write-off rate (principal and fees) (K)1.1 %1.4 %1.5 %3.1 %3.7 %1.2 %3.1 % 
30+ days past due as a % of total (L)0.7 %0.9 %1.0 %1.2 %1.6 %0.7 %1.6 % 
Total 
Net write-off rate (principal only) (K)0.3 %0.5 %0.7 %1.7 %2.6 %0.4 %2.2 % 
Net write-off rate (principal and fees) (K)0.4 %0.6 %0.8 %1.8 %2.8 %0.5 %2.4 % 
30+ days past due as a % of total (L)0.4 %0.6 %0.6 %0.8 %1.3 %0.4 %1.3 % 
# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references
8

Global Commercial Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
 Q2'21Q1'21Q4'20Q3'20Q2'20YOY % changeYTD'21YTD'20YOY % change
Non-interest revenues$2,815 $2,432 $2,523 $2,327 $2,014 40 $5,247 $4,802 9 
Interest income345 336 334 351 402 (14)681 901 (24)
Interest expense111 116 126 139 154 (28)227 354 (36)
Net interest income234 220 208 212 248 (6)454 547 (17)
Total revenues net of interest expense3,049 2,652 2,731 2,539 2,262 35 5,701 5,349 7 
Total provisions for credit losses (N)(235)(162)(164)250 645 #(397)1,407 #
Total revenues net of interest expense after provisions for credit losses3,284 2,814 2,895 2,289 1,617 #6,098 3,942 55 
Expenses
Marketing, business development, and Card Member rewards and services1,630 1,386 1,338 1,221 924 76 3,016 2,432 24 
Salaries and employee benefits and other operating expenses815 763 890 796 715 14 1,578 1,513 4 
Total expenses2,445 2,149 2,228 2,017 1,639 49 4,594 3,945 16 
Pretax segment income (loss)$839 $665 $667 $272 $(22)#$1,504 $(3)#
(Billions, except percentages and where indicated)
Billed business (F)$119.9 $104.0 $109.1 $98.5 $82.8 45 $223.9 $198.9 13 
Proprietary cards-in-force (millions) (G)14.8 14.5 14.5 14.5 14.6 1 14.8 14.6 1 
Average Card Member spending (dollars)$8,180 $7,159 $7,515 $6,776 $5,645 45 $15,338 $13,495 14 
Segment assets$46.4 $42.4 $42.1 $39.9 $38.3 21 $46.4 $38.3 21 
Card Member loans
Total loans$15.0 $13.8 $13.3 $12.1 $12.2 23 $15.0 $12.2 23 
Total loans - Global Small Business Services (GSBS)$15.0 $13.8 $13.2 $12.0 $12.1 24 $15.0 $12.1 24 
30+ days past due as a % of total - GSBS (L)0.4 %0.6 %0.7 %1.1 %1.6 %0.4 %1.6 %
Average loans - GSBS$14.4 $13.4 $12.5 $12.1 $12.8 13 $13.9 $13.4 4 
Net write-off rate (principal only) - GSBS (K)0.6 %1.0 %1.9 %2.2 %2.3 %0.8 %2.1 %
Net write-off rate (principal, interest and fees) - GSBS (K)0.7 %1.2 %2.2 %2.5 %2.6 %1.0 %2.4 %
Net interest income divided by average Card Member loans (M)6.5 %6.5 %6.6 %7.0 %7.8 %6.5 %8.1 %
Net interest yield on average Card Member loans (M)8.3 %8.7 %9.0 %9.5 %10.0 %8.5 %10.5 %
Card Member receivables
Total receivables$27.7 $24.8 $25.0 $24.7 $22.6 23 $27.7 $22.6 23 
Net write-off rate (principal and fees) (K)(N)(0.2)%0.5 %1.1 %2.5 %3.3 %0.1 %2.4 %
Total receivables - GCP (O)$11.7 $10.5 $10.9 $10.4 $9.4 24 $11.7 $9.4 24 
90+ days past billing as a % of total - GCP (L)(O)0.3 %0.4 %0.6 %0.6 %2.5 %0.3 %2.5 %
Net write-off rate (principal and fees) - GCP (K)(N)(O)(0.9)%0.4 %0.7 %2.4 %4.0 %(0.3)%2.2 %
Total receivables - GSBS$15.9 $14.3 $14.1 $14.3 $13.2 20 $15.9 $13.2 20 
30+ days past due as a % of total - GSBS (L)0.5 %0.6 %0.7 %1.0 %2.1 %0.5 %2.1 %
Net write-off rate (principal only) - GSBS (K)0.2 %0.5 %1.3 %2.3 %2.5 %0.3 %2.4 %
Net write-off rate (principal and fees) - GSBS (K)0.3 %0.5 %1.4 %2.5 %2.8 %0.4 %2.6 %
# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references
9

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information (P)             
(Millions, except percentages)                 
 Q2'21Q1'21Q4'20Q3'20Q2'20YOY % changeYTD'21YTD'20YOY % change
Non-interest revenues$1,204 $1,061 $1,086 $997 $827 46 $2,265 $2,060 10 
Interest income4 4 4 4 4 — 8 10 (20)
Interest expense(20)(17)(21)(19)(6)#(37)(42)(12)
Net interest income24 21 25 23 10 #45 52 (13)
Total revenues net of interest expense1,228 1,082 1,111 1,020 837 47 2,310 2,112 9 
Total provisions for credit losses(27)(10)12 3 24 #(37)72 #
Total revenues net of interest expense after provisions for credit losses1,255 1,092 1,099 1,017 813 54 2,347 2,040 15 
Expenses
Marketing, business development, and Card Member rewards and services373 300 330 297 214 74 673 503 34 
Salaries and employee benefits and other operating expenses355 407 493 394 411 (14)762 824 (8)
Total expenses728 707 823 691 625 16 1,435 1,327 8 
Pretax segment income$527 $385 $276 $326 $188 #$912 $713 28 
(Billions)         
Segment assets$14.2 $13.6 $14.0 $12.0 $11.3 26 $14.2 $11.3 26 
# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references
10

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
 For the Twelve Months Ended
Jun 30, 2021Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2020
ROE     
Net income$7,026 $5,003 $3,135 $3,390 $4,072 
Average shareholders' equity$23,071 $22,158 $22,002 $22,172 $22,504 
Return on average equity (D)30.5 %22.6 %14.2 %15.3 %18.1 %
Reconciliation of ROCE     
Net income$7,026 $5,003 $3,135 $3,390 $4,072 
Preferred shares dividends and related accretion59 61 79 85 90 
Earnings allocated to participating share awards and other47 33 20 23 27 
Net income attributable to common shareholders$6,920 $4,909 $3,036 $3,282 $3,955 
Average shareholders' equity$23,071 $22,158 $22,002 $22,172 $22,504 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$21,487 $20,574 $20,418 $20,588 $20,920 
Return on average common equity (D)32.2 %23.9 %14.9 %15.9 %18.9 %

See Appendix IV for footnote references
11

American Express Company(Preliminary)
Appendix II  
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 
 Q2'21Q1'21Q4'20Q3'20Q2'20YTD'21YTD'20
Consolidated       
Net interest income$1,818 $1,830 $1,897 $1,874 $1,884 $3,648 $4,214 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (S)195 236 254 296 350 431 745 
Interest income not attributable to our Card Member loan portfolio (T)(93)(96)(111)(137)(156)(189)(420)
Adjusted net interest income (U)$1,920 $1,970 $2,040 $2,033 $2,078 $3,890 $4,539 
Average Card Member loans (billions)$72.8 $70.7 $71.2 $69.9 $72.1 $72.0 $77.8 
Net interest income divided by average Card Member loans (V)10.0 %10.4 %10.7 %10.7 %10.5 %10.1 %10.8 %
Net interest yield on average Card Member loans (W)10.6 %11.3 %11.4 %11.6 %11.6 %10.9 %11.7 %
Global Consumer Services Group (P)       
U.S.       
Net interest income$1,392 $1,421 $1,490 $1,470 $1,462 $2,813 $3,262 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (S)44 60 64 81 97 103 143 
Interest income not attributable to our Card Member loan portfolio (T)(22)(25)(33)(42)(54)(46)(114)
Adjusted net interest income (U)$1,414 $1,456 $1,521 $1,509 $1,505 $2,870 $3,291 
Average Card Member loans (billions)$49.9 $49.0 $50.3 $50.0 $51.7 $49.6 $55.5 
Net interest income divided by average Card Member loans (V)11.2 %11.6 %11.8 %11.8 %11.3 %11.3 %11.8 %
Net interest yield on average Card Member loans (W)11.4 %12.1 %12.0 %12.0 %11.7 %11.7 %11.9 %
Outside the U.S.       
Net interest income$183 $199 $201 $202 $237 $382 $520 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (S)26 26 34 36 18 52 34 
Interest income not attributable to our Card Member loan portfolio (T)(2)(2)(2)(3)(2)(4)(6)
Adjusted net interest income (U)$207 $223 $233 $235 $253 $430 $548 
Average Card Member loans (billions)$8.4 $8.3 $8.3 $7.8 $7.6 $8.4 $8.9 
Net interest income divided by average Card Member loans (V)8.7 %9.6 %9.7 %10.4 %12.5 %9.1 %11.7 %
Net interest yield on average Card Member loans (W)9.9 %10.9 %11.1 %11.9 %13.3 %10.3 %12.4 %
Total       
Net interest income$1,575 $1,620 $1,691 $1,672 $1,699 $3,195 $3,782 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (S)70 86 98 117 115 155 177 
Interest income not attributable to our Card Member loan portfolio (T)(24)(27)(35)(45)(56)(50)(120)
Adjusted net interest income (U)$1,621 $1,679 $1,754 $1,744 $1,758 $3,300 $3,839 
Average Card Member loans (billions)$58.3 $57.3 $58.6 $57.8 $59.3 $58.0 $64.3 
Net interest income divided by average Card Member loans (V)10.8 %11.3 %11.5 %11.6 %11.5 %11.0 %11.8 %
Net interest yield on average Card Member loans (W)11.1 %11.9 %11.9 %12.0 %11.9 %11.5 %12.0 %
Global Commercial Services       
Net interest income$234 $220 $208 $212 $248 $454 $547 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (S)87 93 103 111 119 180 264 
Interest income not attributable to our Card Member loan portfolio (T)(22)(22)(25)(34)(47)(44)(111)
Adjusted net interest income (U)$299 $291 $286 $289 $320 $590 $700 
Average Card Member loans (billions)$14.5 $13.5 $12.6 $12.1 $12.8 $14.0 $13.5 
Net interest income divided by average Card Member loans (V)6.5 %6.5 %6.6 %7.0 %7.8 %6.5 %8.1 %
Net interest yield on average Card Member loans (W)8.3 %8.7 %9.0 %9.5 %10.0 %8.5 %10.5 %

See Appendix IV for footnote references
12

American Express Company(Preliminary)
Appendix III
Card Member Receivables Net Write-offs Components
(Billions, except percentages and where indicated)

Q2'21Q1'21Q4'20Q3'20Q2'20YOY % changeYTD'21YTD'20YOY % change
Worldwide Card Member receivables
Net write-offs (millions)
Net write-offs (principal and fees) (K)$4 $53 $105 $219 $299 (99)$57 $557 (90)
Less: Net write-offs (principal and fees) - GCP (K)(N)(O)(24)10 18 60 105 #(14)148 #
Net write-offs (principal and fees) - GCSG and GSBS (K)$28 $43 $87 $159 $194 (86)$71 $409 (83)
Less: Net write-offs (fees only) - GCSG and GSBS (K)5 7 10 15 18 (72)12 37 (68)
Net write-offs (principal only) - GCSG and GSBS (K)$23 $36 $77 $144 $176 (87)$59 $372 (84)
Average Card Member receivables
Global Consumer Services Group (GCSG)$18.6 $17.1 $17.3 $15.8 $14.0 33 $18.0 $17.0 6 
Global Small Business Services (GSBS)15.2 14.0 14.4 13.8 13.7 11 14.7 15.3 (4)
Average receivables (GCSG and GSBS)$33.8 $31.1 $31.7 $29.6 $27.7 22 $32.6 $32.3 1 
GCP (O)11.1 10.7 10.7 9.9 10.5 6 10.9 $13.6 (20)
Total average receivables$44.9 $41.8 $42.4 $39.5 $38.2 18 $43.6 $45.9 (5)
Net write-off rate (principal and fees) (K)0.0 %0.5 %1.0 %2.2 %3.1 %0.3 %2.4 %
Net write-off rate (principal and fees) - GCSG and GSBS (K)0.3 %0.6 %1.1 %2.2 %2.8 %0.4 %2.5 %
Net write-off rate (principal only) - GCSG and GSBS (K)0.3 %0.5 %1.0 %2.0 %2.5 %0.4 %2.3 %



See Appendix IV for footnote references
13

Appendix IV(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)Effective April 1, 2021, we prospectively changed the recognition of certain costs paid to a third party previously recognized over the twelve month card membership period in Net card fees in the Consolidated Statements of Income; such costs are now recorded as incurred in Marketing and business development expense. This change is not material to the Consolidated Financial Statements.
(B)Represents net income, less (i) earnings allocated to participating share awards of $16 million, $15 million, $9 million, $7 million and $2 million in Q2'21, Q1'21, Q4'20, Q3'20 and Q2'20, respectively; and (ii) dividends on preferred shares of $15 million, $14 million, $14 million, $16 million and $17 million in Q2'21, Q1'21, Q4'20, Q3'20 and Q2'20, respectively.
(C)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 and Paycheck Protection Program (PPP)), Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(D)Return on average equity and return on average common equity are calculated for the relevant periods by dividing the preceding twelve months of net income by the one-year monthly average total shareholders' equity, and the preceding twelve months of net income attributable to common shareholders by the one-year monthly average common shareholders' equity, respectively. Refer to Appendix I for components of return on average equity and return on average common equity.
(E)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(F)Effective Q1'21, we changed the way we describe our volume metrics:
• Where we previously used the term “Billed Business” to describe our total volumes, we now use the term “Network Volumes.”
• Where we previously used the term “Proprietary Billed Business” to describe transaction volumes from cards and other payment products issued by American Express, we now use the term “Billed Business.”
• Where we previously used the term “GNS Billed Business” to describe transaction volumes from cards issued by GNS partners and joint ventures, we now use the term “Processed Volumes” and in order to provide a more complete view of transactions across our network we have now included in this category transactions associated with certain alternative payment solutions that were not previously reported in our volume metrics.

We believe that these changes provide better differentiation and descriptors for the volumes that run across the American Express network.
(G)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, including joint ventures (GNS cards-in-force) except for GNS retail cobrand cards that have no out of store spend activity during the prior 12 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.
(H)Average discount rate calculation is generally designed to reflect the average pricing at all merchants accepting American Express cards and represents the percentage of network volumes retained by us from spend at merchants we acquire, or from merchants acquired by third parties on our behalf, net of amounts retained by such third parties. The average discount rate, together with network volumes, drive our discount revenue.
(I)Average fee per card is computed based on proprietary net card fees divided by average proprietary total cards-in-force.
(J)Other includes foreign currency impact on balance sheet re-measurement and translation.
(K)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented. We believe the net write-off rate, excluding GCP net write-offs, a non-GAAP measure, is useful to show the write-off rate based on principal losses only for the Card Member receivables portfolios for which data is available (i.e., Global Consumer and Global Small Business Services). See Appendix III for a reconciliation.
(L)Beginning Q1'20, we offered Customer Pandemic Relief programs to provide short-term support for customers impacted by COVID-19. These programs are no longer widely available and negligible balances remained in the programs as of June 30, 2021. Delinquency status is generally frozen at enrollment, and loans that are current at enrollment do not age, regardless of whether payment is made. Upon exiting the program, delinquency aging resumes where it had left off at enrollment.
(M)See Appendix II for calculations of net interest yield on average Card Member loans, a non-GAAP measure, and net interest income divided by average Card Member loans, a GAAP measure, and the Company's rationale for presenting net interest yield on average Card Member loans (refer to Footnotes "V" and "W").
(N)Q2'21 includes a $37 million partial recovery in Card Member receivables related to a corporate client bankruptcy, which had resulted in a $53 million write-off in the prior year in the Global Commercial Services (GCS) segment.
(O)GCP reflects global, large and middle market corporate accounts. GCP delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
(P)As a result of organizational changes announced during the second quarter of 2021, our loyalty coalition business results, which were previously reported within the GMNS segment, are now reported within the GCSG segment. Prior period segment results have been revised to conform with current period presentation.
(Q)FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for Q2'21 apply to the period(s) against which such results are being compared).
(R)Effective Q1'21, we renamed "Non T&E" to "Goods and services (G&S)" which includes spend in merchant categories other than T&E-related merchant categories.
(S)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(T)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(U)Adjusted net interest income is a non-GAAP measure that 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. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio.
(V)Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, 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.
(W)Net interest yield on average Card Member loans is a non-GAAP measure that is computed by dividing adjusted net interest income by average Card Member loans, computed on an annualized basis. 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.

14