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Published: 2021-04-23 00:00:00 ET
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EX-99.2 3 q121exhibit992.htm EX-99.2 Document

Exhibit 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q1'21Q4'20Q3'20Q2'20Q1'20YOY % change
Non-interest revenues
Discount revenue$5,242 $5,549 $4,999 $4,015 $5,838 (10)
Net card fees1,253 1,222 1,191 1,141 1,110 13 
Other fees and commissions520 516 478 449 720 (28)
Other219 167 209 186 312 (30)
Total non-interest revenues7,234 7,454 6,877 5,791 7,980 (9)
Interest income
Interest on loans2,144 2,236 2,266 2,368 2,909 (26)
Interest and dividends on investment securities24 29 33 27 38 (37)
Deposits with banks and other24 22 25 31 99 (76)
Total interest income2,192 2,287 2,324 2,426 3,046 (28)
Interest expense
Deposits134 155 202 260 326 (59)
Long-term debt and other228 235 248 282 390 (42)
Total interest expense362 390 450 542 716 (49)
Net interest income1,830 1,897 1,874 1,884 2,330 (21)
Total revenues net of interest expense9,064 9,351 8,751 7,675 10,310 (12)
Provisions for credit losses
Card Member receivables(10)(54)117 355 597 #
Card Member loans(573)37 571 969 1,876 #
Other(92)(94)(23)231 148 #
Total provisions for credit losses(675)(111)665 1,555 2,621 #
Total revenues net of interest expense after provisions for credit losses9,739 9,462 8,086 6,120 7,689 27 
Expenses
Marketing and business development1,766 1,858 1,822 1,362 1,705 4 
Card Member rewards2,243 2,296 2,004 1,349 2,392 (6)
Card Member services317 307 259 208 456 (30)
Salaries and employee benefits1,550 1,566 1,408 1,349 1,395 11 
Professional services403 523 421 406 439 (8)
Data processing and equipment (A)582 644 577 564 549 6 
Other, net(115)410 231 260 301 #
Total expenses6,746 7,604 6,722 5,498 7,237 (7)
Pretax income2,993 1,858 1,364 622 452 #
Income tax provision758 420 291 365 85 #
Net income$2,235 $1,438 $1,073 $257 $367 #
Net income attributable to common shareholders (B)$2,206 $1,415 $1,050 $238 $333 #
Effective tax rate25.3 %22.6 %21.3 %58.7 %18.8 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$2.74 $1.76 $1.31 $0.29 $0.41 #
Average common shares outstanding804 805 804 804 807 — 
Diluted
Net income attributable to common shareholders $2.74 $1.76 $1.30 $0.29 $0.41 #
Average common shares outstanding805 806 805 805 808 — 
Cash dividends declared per common share $0.43 $0.43 $0.43 $0.43 $0.43 — 
# - Denotes a variance of 100 percent or more.

See Appendix V for footnote references
1


American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)

 Q1'21Q4'20Q3'20Q2'20Q1'20YOY % change
Assets      
Cash & cash equivalents$40 $33 $36 $42 $39 3 
Card Member receivables, less reserves42 43 40 37 44 (5)
Card Member loans, less reserves66 68 64 64 72 (8)
Investment securities21 22 22 20 5 #
Other (C)24 25 25 26 26 (8)
Total assets$193 $191 $187 $189 $186 4 
Liabilities and Shareholders' Equity      
Customer deposits$89 $87 $85 $85 $78 14 
Short-term borrowings2 2 2 2 3 (33)
Long-term debt42 43 45 49 53 (21)
Other (C)36 36 33 32 31 16 
Total liabilities169 168 165 168 165 2 
Shareholders' Equity24 23 22 21 21 14 
Total liabilities and shareholders' equity$193 $191 $187 $189 $186 4 
Return on average equity (D)22.6 %14.2 %15.3 %18.1 %24.4 %
Return on average common equity (D)23.9 %14.9 %15.9 %18.9 %25.6 %
Book value per common share (dollars)$28.46 $26.58 $25.19 $24.19 $24.13 18 
# - Denotes a variance of 100 percent or more.

See Appendix V for footnote references
2


American Express Company(Preliminary)
Consolidated Capital
 
 Q1'21Q4'20Q3'20Q2'20Q1'20
Shares Outstanding (in millions) 
Beginning of period805 805 805 805 810 
Repurchase of common shares(3)— — — (7)
Net impact of employee benefit plans and others1 — — — 2 
End of period803 805 805 805 805 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)14.8 %13.5 %13.9 %13.6 %11.9 %
Tier 116.0 %14.7 %15.1 %14.8 %13.0 %
Total17.5 %16.2 %16.7 %16.5 %14.6 %
Common Equity Tier 1$20.0 $18.7 $18.3 $17.6 $17.3 
Tier 1 Capital$21.6 $20.3 $19.9 $19.2 $19.0 
Tier 2 Capital$2.1 $2.1 $2.2 $2.1 $2.3 
Total Capital$23.6 $22.4 $22.1 $21.3 $21.3 
RWA$135.1 $138.3 $131.9 $129.3 $146.2 
Tier 1 Leverage11.4 %11.0 %10.8 %10.4 %10.0 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (E)$189.3 $185.1 $185.3 $184.3 $190.1 

See Appendix V for footnote references
3


American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Billions, except percentages and where indicated) 

 Q1'21Q4'20Q3'20Q2'20Q1'20YOY % change
Network volumes (F)
U.S. $186.2 $195.0 $174.6 $145.1 $193.4 (4)
Outside the U.S.83.1 90.9 80.9 65.9 92.0 (10)
Total$269.3 $285.9 $255.5 $211.0 $285.4 (6)
Billed business (F)$225.4 $239.8 $213.6 $174.7 $242.6 (7)
Processed volumes (F)43.9 46.1 41.9 36.3 42.8 3 
Total$269.3 $285.9 $255.5 $211.0 $285.4 (6)
Cards-in-force (millions) (G)
U.S. 54.1 53.8 53.6 54.4 54.9 (1)
Outside the U.S. 58.8 58.2 57.9 58.5 58.7 — 
Total112.9 112.0 111.5 112.9 113.6 (1)
Proprietary69.0 68.9 68.8 69.3 70.4 (2)
GNS43.9 43.1 42.7 43.6 43.2 2 
Total112.9 112.0 111.5 112.9 113.6 (1)
Basic cards-in-force (millions) (G)
U.S.42.4 42.2 42.0 42.7 43.1 (2)
Outside the U.S.49.8 49.1 48.8 49.1 49.2 1 
Total92.2 91.3 90.8 91.8 92.3 — 
Average proprietary basic Card Member spending (dollars)
U.S.$4,723 $4,983 $4,486 $3,697 $4,922 (4)
Outside the U.S.$3,170 $3,505 $2,989 $2,272 $3,505 (10)
Average$4,270 $4,549 $4,041 $3,270 $4,497 (5)
Card Member loans
U.S.$61.6 $64.2 $61.4 $62.0 $69.0 (11)
Outside the U.S.8.5 9.2 8.2 8.1 8.7 (2)
Total$70.1 $73.4 $69.6 $70.1 $77.7 (10)
Average discount rate (H)2.26 %2.25 %2.27 %2.23 %2.34 %
Average fee per card (dollars) (I)$73 $71 $69 $65 $63 16 


See Appendix V for footnote references
4


American Express Company(Preliminary)
Selected Credit Related Statistical Information
(Billions, except percentages and where indicated)

 Q1'21Q4'20Q3'20Q2'20Q1'20YOY % change
Worldwide Card Member loans      
U.S.$61.6 $64.2 $61.4 $62.0 $69.0 (11)
Outside the U.S.$8.5 $9.2 $8.2 $8.1 $8.7 (2)
Total loans$70.1 $73.4 $69.6 $70.1 $77.7 (10)
Credit loss reserves (millions)
Beginning balance$5,344 $5,688 $5,628 $5,236 $4,027 33 
Provisions - principal, interest and fees(573)37 571 969 1,876 #
Net write-offs - principal less recoveries(241)(346)(432)(499)(518)(53)
Net write-offs - interest and fees less recoveries(63)(74)(91)(103)(107)(41)
Other (J)— 39 12 25 (42)#
Ending balance $4,467 $5,344 $5,688 $5,628 $5,236 (15)
% of loans6.4 %7.3 %8.2 %8.0 %6.7 %
% of past due 723 %727 %679 %493 %406 %
Average loans$70.7 $71.2 $69.9 $72.1 $83.4 (15)
Net write-off rate (principal only) (K)1.4 %1.9 %2.5 %2.8 %2.5 %
Net write-off rate (principal, interest and fees) (K)1.7 %2.4 %3.0 %3.3 %3.0 %
30+ days past due as a % of total (L)0.9 %1.0 %1.2 %1.6 %1.7 %
Net interest income divided by average Card Member loans (M)10.4 %10.7 %10.7 %10.5 %11.2 %
Net interest yield on average Card Member loans (M)11.3 %11.4 %11.6 %11.6 %11.9 %
Worldwide Card Member receivables      
U.S.$30.1 $30.5 $29.2 $26.9 $32.6 (8)
Outside the U.S.$11.9 $13.2 $11.6 $10.7 $12.1 (2)
Total receivables$42.0 $43.7 $40.8 $37.6 $44.7 (6)
Credit loss reserves (millions)
Beginning balance$267 $422 $519 $459 $126 #
Provisions - principal and fees(10)(54)117 355 597 #
Net write-offs - principal and fees less recoveries(53)(105)(219)(299)(258)(79)
Other (J)(2)4 5 4 (6)(67)
Ending balance$202 $267 $422 $519 $459 (56)
% of receivables0.5 %0.6 %1.0 %1.4 %1.0 %
Net write-off rate (principal and fees) (K)0.5 %1.0 %2.2 %3.1 %1.9 %
Net write-off rate, excluding Global Corporate Payments (GCP) (principal and fees) (K)(N)0.6 %1.1 %2.2 %2.8 %2.3 %
Net write-off rate, excluding GCP (principal only) (K)(N)0.5 %1.0 %2.0 %2.5 %2.1 %
30+ days past due as a % of total, excluding GCP (L)(N)0.6 %0.6 %0.9 %1.7 %1.9 %
Other loans (C)
Total other loans$2.3 $2.9 $3.5 $4.6 $5.2 (56)
Credit loss reserves (millions)
Beginning balance$238 $370 $423 $241 $172 $38 
Provisions(82)(101)(26)206 98 #
Net write-offs(14)(31)(27)(24)(29)(52)
Other (J)1 — — — — — 
Ending balance$143 $238 $370 $423 $241 $(41)
% of other loans6.2 %8.2 %10.6 %9.2 %4.6 %
Other receivables (C)
Total other receivables$2.4 $3.0 $2.6 $2.8 $2.9 (17)
Credit loss reserves (millions)
Beginning balance$85 $85 $94 $71 $27 #
Provisions(10)7 3 25 50 #
Net write-offs(8)(7)(12)(2)(6)33 
Ending balance$67 $85 $85 $94 $71 (6)
% of other receivables2.8 %2.8 %3.3 %3.4 %2.4 %

# - Denotes a variance of 100 percent or more.

See Appendix V for footnote references
5


American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions)   

Global Consumer Services Group
(GCSG)		Global Commercial Services
(GCS)		Global Merchant and Network Services
(GMNS)		Corporate and OtherConsolidated
Q1'21     
Non-interest revenues$3,690 $2,432 $1,190 $(78)$7,234 
Interest income1,807 336 4 45 2,192 
Interest expense187 116 (17)76 362 
Total revenues net of interest expense5,310 2,652 1,211 (109)9,064 
Total provisions for credit losses(504)(162)(10)1 (675)
Total revenues net of interest expense after provisions for credit losses5,814 2,814 1,221 (110)9,739 
Marketing, business development, and Card Member rewards and services2,582 1,386 345 13 4,326 
Salaries and employee benefits and other operating expenses1,108 763 462 87 2,420 
Pretax income (loss)2,124 665 414 (210)2,993 
Q1'20
Non-interest revenues$3,894 $2,788 $1,346 $(48)$7,980 
Interest income2,411 499 6 130 3,046 
Interest expense328 200 (36)224 716 
Total revenues net of interest expense5,977 3,087 1,388 (142)10,310 
Total provisions for credit losses1,810 762 48 1 2,621 
Total revenues net of interest expense after provisions for credit losses4,167 2,325 1,340 (143)7,689 
Marketing, business development, and Card Member rewards and services2,702 1,508 324 19 4,553 
Salaries and employee benefits and other operating expenses1,234 798 465 187 2,684 
Pretax income (loss)231 19 551 (349)452 
YOY % change
Non-interest revenues(5)(13)(12)63 (9)
Interest income(25)(33)(33)(65)(28)
Interest expense(43)(42)(53)(66)(49)
Total revenues net of interest expense(11)(14)(13)(23)(12)
Total provisions for credit losses###— #
Total revenues net of interest expense after provisions for credit losses40 21 (9)(23)27 
Marketing, business development, and Card Member rewards and services(4)(8)6 (32)(5)
Salaries and employee benefits and other operating expenses(10)(4)(1)(53)(10)
Pretax income (loss)##(25)(40)#

# - Denotes a variance of 100 percent or more.

See Appendix V for footnote references
6


American Express Company(Preliminary)
Network Volumes Related Growth 

 YOY % change
 ReportedFX-Adjusted (O)
 Q1'21Q4'20Q3'20Q2'20Q1'20Q1'21Q4'20Q3'20Q2'20Q1'20
Worldwide          
Network volumes (F)(6)%(14)%(19)%(34)%(5)%(8)%(15)%(19)%(33)%(4)%
Total billed business (F)(7)(15)(20)(35)(4)(9)(16)(20)(35)(3)
Consumer billed business(4)(12)(17)(35)(3)(6)(13)(18)(34)(2)
Commercial billed business(10)(18)(23)(36)(6)(12)(19)(23)(36)(5)
Processed volumes (F)3(8)(14)(25)(11)(1)(10)(13)(22)(8)
U.S.          
Network volumes (F)(4)(12)(17)(32)(3)n/an/an/an/an/a
Total billed business (F)(5)(12)(17)(32)(3)n/an/an/an/an/a
Consumer billed business(2)(11)(16)(32)(1)n/an/an/an/an/a
Commercial billed business(8)(15)(19)(33)(4)n/an/an/an/an/a
Outside the U.S.          
Network volumes (F)(10)(18)(23)(38)(11)(15)(21)(24)(35)(7)
Total billed business (F)(14)(22)(27)(44)(8)(20)(25)(29)(42)(4)
Consumer billed business(10)(17)(21)(41)(6)(17)(20)(23)(39)(2)
Commercial billed business(20)(31)(37)(49)(12)(26)(33)(37)(46)(7)
Asia Pacific consolidated network volumes0(10)(15)(27)(10)(7)(15)(17)(25)(6)
Latin America & Canada network volumes(19)(29)(37)(49)(12)(18)(25)(31)(42)(5)
Europe, Middle East & Africa network volumes(21)(28)(30)(50)(13)(27)(31)(32)(49)(10)
Merchant Industry Metrics
Worldwide billed business (F)
T&E-related (14% of Q1'21 worldwide billed business)(49)(64)(68)(87)(20)(50)(65)(68)(87)(20)
Goods & Services (G&S)-related (86% of Q1'21 worldwide billed business) (P)851(12)3641(12)4
Airline-related (2% of Q1'21 worldwide billed business)(72)(85)(92)#(32)(73)(85)(92)#(31)
U.S. billed business (F)
T&E-related (14% of Q1'21 U.S. billed business)(43)(62)(67)(85)(17)n/an/an/an/an/a
G&S-related (86% of Q1'21 U.S. billed business) (P)752(12)3n/an/an/an/an/a
Airline-related (2% of Q1'21 U.S. billed business)(67)(82)(90)#(28)n/an/an/an/an/a
# - Denotes a variance of 100 percent or more.

See Appendix V for footnote references
7


Global Consumer Services Group(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)

 Q1'21Q4'20Q3'20Q2'20Q1'20YOY % change
Non-interest revenues$3,690 $3,835 $3,517 $2,932 $3,894 (5)
Interest income1,807 1,901 1,916 1,971 2,411 (25)
Interest expense187 209 242 272 328 (43)
Net interest income1,620 1,692 1,674 1,699 2,083 (22)
Total revenues net of interest expense5,310 5,527 5,191 4,631 5,977 (11)
Total provisions for credit losses(504)40 412 886 1,810 #
Total revenues net of interest expense after provisions for credit losses5,814 5,487 4,779 3,745 4,167 40 
Expenses
Marketing, business development, and Card Member rewards and services2,582 2,739 2,504 1,723 2,702 (4)
Salaries and employee benefits and other operating expenses1,108 1,297 1,177 1,195 1,234 (10)
Total expenses3,690 4,036 3,681 2,918 3,936 (6)
Pretax segment income2,124 1,451 1,098 827 231 #
(Billions, except percentages and where indicated)
Billed business (F)
U.S.$89.0 $94.8 $83.9 $68.1 $90.9 (2)
Outside the U.S.$30.3 $34.7 $30.2 $22.5 $33.7 (10)
Total$119.3 $129.5 $114.1 $90.6 $124.6 (4)
Proprietary cards-in-force (millions) (G)
U.S.37.8 37.7 37.5 37.5 38.0 (1)
Outside the U.S.16.7 16.7 16.8 17.2 17.6 (5)
Total54.5 54.4 54.3 54.7 55.6 (2)
Proprietary basic cards-in-force (millions) (G)
U.S.26.7 26.6 26.5 26.6 27.0 (1)
Outside the U.S.11.6 11.6 11.7 11.9 12.1 (4)
Total38.3 38.2 38.2 38.5 39.1 (2)
Average proprietary basic Card Member spending (dollars)
U.S$3,336 $3,567 $3,162 $2,548 $3,366 (1)
Outside the U.S.$2,616 $2,984 $2,555 $1,871 $2,777 (6)
Average$3,118 $3,390 $2,975 $2,338 $3,183 (2)
Segment assets$81.3 $86.7 $81.3 $80.4 $87.3 (7)
Card Member loans
Total loans
U.S.$48.3 $51.4 $49.8 $50.3 $55.6 (13)
Outside the U.S.$8.0 $8.7 $7.7 $7.6 $8.2 (2)
Total$56.3 $60.1 $57.5 $57.9 $63.8 (12)
Average loans
U.S.$49.0 $50.3 $50.0 $51.7 $59.3 (17)
Outside the U.S.$8.3 $8.3 $7.8 $7.6 $10.0 (17)
Total$57.3 $58.6 $57.8 $59.3 $69.3 (17)
Lending Credit Metrics
U.S.      
Net write-off rate (principal only) (K)1.3 %1.9 %2.4 %2.8 %2.6 %
Net write-off rate (principal, interest and fees) (K)1.6 %2.3 %2.9 %3.3 %3.1 %
30+ days past due as a % of total (L)0.9 %1.0 %1.1 %1.5 %1.7 %
Outside the U.S.
Net write-off rate (principal only) (K)2.5 %2.5 %3.3 %3.7 %2.9 %
Net write-off rate (principal, interest and fees) (K)3.2 %3.1 %4.1 %4.6 %3.5 %
30+ days past due as a % of total (L)1.6 %1.7 %1.8 %2.3 %2.1 %
Total
Net write-off rate (principal only) (K)1.4 %2.0 %2.5 %2.9 %2.6 %
Net write-off rate (principal, interest and fees) (K)1.8 %2.4 %3.1 %3.5 %3.2 %
30+ days past due as a % of total (L)1.0 %1.1 %1.2 %1.6 %1.7 %
Net interest income divided by average Card Member loans (M)11.3 %11.5 %11.6 %11.5 %12.0 %
Net interest yield on average Card Member loans (M)
U.S.12.1 %12.0 %12.0 %11.7 %12.1 %
Outside the U.S.10.9 %11.1 %11.9 %13.3 %11.9 %
Total11.9 %11.9 %12.0 %11.9 %12.1 %
Card Member receivables
U.S.$11.2 $11.9 $10.3 $9.5 $10.5 7 
Outside the U.S.$6.0 $6.8 $5.8 $5.5 $5.3 13 
Total receivables$17.2 $18.7 $16.1 $15.0 $15.8 9 
Charge Credit Metrics      
U.S.      
Net write-off rate (principal only) (K)0.0 %0.4 %1.0 %2.1 %1.7 %
Net write-off rate (principal and fees) (K)0.1 %0.5 %1.1 %2.3 %1.9 %
30+ days past due as a % of total (L)0.4 %0.4 %0.6 %1.2 %1.5 %
Outside the U.S.
Net write-off rate (principal only) (K)1.3 %1.3 %2.8 %3.5 %2.6 %
Net write-off rate (principal and fees) (K)1.4 %1.5 %3.1 %3.7 %2.8 %
30+ days past due as a % of total (L)0.9 %1.0 %1.2 %1.6 %2.2 %
Total
Net write-off rate (principal only) (K)0.5 %0.7 %1.7 %2.6 %2.0 %
Net write-off rate (principal and fees) (K)0.6 %0.8 %1.8 %2.8 %2.2 %
30+ days past due as a % of total (L)0.6 %0.6 %0.8 %1.3 %1.7 %

# - Denotes a variance of 100 percent or more.

See Appendix V for footnote references
8


Global Commercial Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
 Q1'21Q4'20Q3'20Q2'20Q1'20YOY % change
Non-interest revenues$2,432 $2,523 $2,327 $2,014 $2,788 (13)
Interest income336 334 351 402 499 (33)
Interest expense116 126 139 154 200 (42)
Net interest income220 208 212 248 299 (26)
Total revenues net of interest expense2,652 2,731 2,539 2,262 3,087 (14)
Total provisions for credit losses(162)(164)250 645 762 #
Total revenues net of interest expense after provisions for credit losses2,814 2,895 2,289 1,617 2,325 21 
Expenses
Marketing, business development, and Card Member rewards and services1,386 1,338 1,221 924 1,508 (8)
Salaries and employee benefits and other operating expenses763 890 796 715 798 (4)
Total expenses2,149 2,228 2,017 1,639 2,306 (7)
Pretax segment income (loss)665 667 272 (22)19 #
(Billions, except percentages and where indicated)
Billed business (F)$104.0 $109.1 $98.5 $82.8 $116.1 (10)
Proprietary cards-in-force (millions) (G)14.5 14.5 14.5 14.6 14.8 (2)
Average Card Member spending (dollars)$7,159 $7,515 $6,776 $5,645 $7,836 (9)
Segment assets42.4 $42.1 $39.9 $38.3 $46.7 (9)
Card Member loans
Total loans$13.8 $13.3 $12.1 $12.2 $13.9 (1)
Total loans - Global Small Business Services (GSBS)$13.8 $13.2 $12.0 $12.1 $13.8 — 
30+ days past due as a % of total - GSBS (L)0.6 %0.7 %1.1 %1.6 %1.4 %
Average loans - GSBS$13.4 $12.5 $12.1 $12.8 $14.1 (5)
Net write-off rate (principal only) - GSBS (K)1.0 %1.9 %2.2 %2.3 %1.9 %
Net write-off rate (principal, interest and fees) - GSBS (K)1.2 %2.2 %2.5 %2.6 %2.2 %
Net interest income divided by average Card Member loans (M)6.5 %6.6 %7.0 %7.8 %8.4 %
Net interest yield on average Card Member loans (M)8.7 %9.0 %9.5 %10.0 %10.8 %
Card Member receivables
Total receivables$24.8 $25.0 $24.7 $22.6 $28.9 (14)
Net write-off rate (principal and fees) (K)0.5 %1.1 %2.5 %3.3 %1.8 %
Total receivables - GCP (N)$10.5 $10.9 $10.4 $9.4 $13.2 (20)
90+ days past billing as a % of total - GCP (L)(N)0.4 %0.6 %0.6 %2.5 %1.1 %
Net write-off rate (principal and fees) - GCP (K)(N)0.4 %0.7 %2.4 %4.0 %1.0 %
Total receivables - GSBS$14.3 $14.1 $14.3 $13.2 $15.7 (9)
30+ days past due as a % of total - GSBS (L)0.6 %0.7 %1.0 %2.1 %2.0 %
Net write-off rate (principal only) - GSBS (K)0.5 %1.3 %2.3 %2.5 %2.2 %
Net write-off rate (principal and fees) - GSBS (K)0.5 %1.4 %2.5 %2.8 %2.5 %
# - Denotes a variance of 100 percent or more.

See Appendix V for footnote references
9


Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages)                 

 Q1'21Q4'20Q3'20Q2'20Q1'20YOY % change
Non-interest revenues$1,190 $1,219 $1,111 $919 $1,346 (12)
Interest income4 4 4 4 6 (33)
Interest expense(17)(20)(18)(6)(36)(53)
Net interest income21 24 22 10 42 (50)
Total revenues net of interest expense1,211 1,243 1,133 929 1,388 (13)
Total provisions for credit losses(10)13 2 25 48 #
Total revenues net of interest expense after provisions for credit losses1,221 1,230 1,131 904 1,340 (9)
Expenses
Marketing, business development, and Card Member rewards and services345 390 340 249 324 6 
Salaries and employee benefits and other operating expenses462 557 440 452 465 (1)
Total expenses807 947 780 701 789 2 
Pretax segment income414 283 351 203 551 (25)
(Billions)      
Segment assets$13.9 $14.3 $12.3 $11.6 $10.2 36 

# - Denotes a variance of 100 percent or more.

See Appendix V 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
Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2020Mar 31, 2020
ROE     
Net income$5,003 $3,135 $3,390 $4,072 $5,576 
Average shareholders' equity$22,158 $22,002 $22,172 $22,504 $22,818 
Return on average equity (D)22.6 %14.2 %15.3 %18.1 %24.4 %
Reconciliation of ROCE     
Net income$5,003 $3,135 $3,390 $4,072 $5,576 
Preferred shares dividends and related accretion61 79 85 90 92 
Earnings allocated to participating share awards and other33 20 23 27 38 
Net income attributable to common shareholders$4,909 $3,036 $3,282 $3,955 $5,446 
Average shareholders' equity$22,158 $22,002 $22,172 $22,504 $22,818 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$20,574 $20,418 $20,588 $20,920 $21,234 
Return on average common equity (D)23.9 %14.9 %15.9 %18.9 %25.6 %

See Appendix V for footnote references
11


American Express Company(Preliminary)
Appendix II  
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 

 Q1'21Q4'20Q3'20Q2'20Q1'20
Consolidated     
Net interest income$1,830 $1,897 $1,874 $1,884 $2,330 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (Q)236 254 296 350 395 
Interest income not attributable to our Card Member loan portfolio (R)(96)(111)(137)(156)(264)
Adjusted net interest income (S)$1,970 $2,040 $2,033 $2,078 $2,461 
Average Card Member loans (billions)$70.7 $71.2 $69.9 $72.1 $83.4 
Net interest income divided by average Card Member loans (T)10.4 %10.7 %10.7 %10.5 %11.2 %
Net interest yield on average Card Member loans (U)11.3 %11.4 %11.6 %11.6 %11.9 %
Global Consumer Services Group     
U.S.     
Net interest income$1,421 $1,490 $1,470 $1,462 $1,800 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (Q)60 64 81 97 46 
Interest income not attributable to our Card Member loan portfolio (R)(25)(33)(42)(54)(60)
Adjusted net interest income (S)$1,456 $1,521 $1,509 $1,505 $1,786 
Average Card Member loans (billions)$49.0 $50.3 $50.0 $51.7 $59.3 
Net interest income divided by average Card Member loans (T)11.6 %11.8 %11.8 %11.3 %12.1 %
Net interest yield on average Card Member loans (U)12.1 %12.0 %12.0 %11.7 %12.1 %
Outside the U.S.     
Net interest income$199 $202 $203 $237 $283 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (Q)26 33 34 18 16 
Interest income not attributable to our Card Member loan portfolio (R)(2)(2)(2)(2)(4)
Adjusted net interest income (S)$223 $233 $235 $253 $295 
Average Card Member loans (billions)$8.3 $8.3 $7.8 $7.6 $10.0 
Net interest income divided by average Card Member loans (T)9.6 %9.7 %10.4 %12.5 %11.3 %
Net interest yield on average Card Member loans (U)10.9 %11.1 %11.9 %13.3 %11.9 %
Total     
Net interest income$1,620 $1,692 $1,674 $1,699 $2,083 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (Q)86 97 115 115 62 
Interest income not attributable to our Card Member loan portfolio (R)(27)(35)(45)(56)(64)
Adjusted net interest income (S)$1,679 $1,754 $1,744 $1,758 $2,081 
Average Card Member loans (billions)$57.3 $58.6 $57.8 $59.3 $69.3 
Net interest income divided by average Card Member loans (T)11.3 %11.5 %11.6 %11.5 %12.0 %
Net interest yield on average Card Member loans (U)11.9 %11.9 %12.0 %11.9 %12.1 %
Global Commercial Services     
Net interest income$220 $208 $212 $248 $299 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (Q)93 103 111 119 145 
Interest income not attributable to our Card Member loan portfolio (R)(22)(25)(34)(47)(64)
Adjusted net interest income (S)$291 $286 $289 $320 $380 
Average Card Member loans (billions)$13.5 $12.6 $12.1 $12.8 $14.2 
Net interest income divided by average Card Member loans (T)6.5 %6.6 %7.0 %7.8 %8.4 %
Net interest yield on average Card Member loans (U)8.7 %9.0 %9.5 %10.0 %10.8 %

See Appendix V for footnote references
12


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


Q1'21Q4'20Q3'20Q2'20Q1'20YOY % change
Worldwide Card Member receivables
Net write-offs (millions)
Net write-offs (principal and fees) (K)$53 $105 $219 $299 $258 (79)
Less: Net write-offs (principal and fees) - GCP (K)(N)10 18 60 105 43 (77)
Net write-offs (principal and fees) - GCSG and GSBS (K)$43 $87 $159 $194 $215 (80)
Less: Net write-offs (fees only) - GCSG and GSBS (K)7 10 15 18 19 (63)
Net write-offs (principal only) - GCSG and GSBS (K)$36 $77 $144 $176 $196 (82)
Average Card Member receivables
Global Consumer Services Group (GCSG)$17.1 $17.3 $15.8 $14.0 $19.8 (14)
Global Small Business Services (GSBS)14.0 14.4 13.8 13.7 16.8 (17)
Average receivables (GCSG and GSBS)$31.1 $31.7 $29.6 $27.7 $36.6 (15)
GCP (N)10.7 10.7 9.9 10.5 16.6 (36)
Total average receivables$41.8 $42.4 $39.5 $38.2 $53.2 (21)
Net write-off rate (principal and fees) (K)0.5 %1.0 %2.2 %3.1 %1.9 %
Net write-off rate (principal and fees) - GCSG and GSBS (K)0.6 %1.1 %2.2 %2.8 %2.3 %
Net write-off rate (principal only) - GCSG and GSBS (K)0.5 %1.0 %2.0 %2.5 %2.1 %

See Appendix V for footnote references
13


American Express Company(Preliminary)
Appendix IV
Network Volumes Information (Recast)
(Billions)
Effective for the first quarter of 2021, we have 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. Prior period amounts have been recast to conform with current period presentation.

As Recast
Q4'20Q3'20Q2'20Q1'20Q4'19Q3'19Q2'19Q1'19FY 2020FY 2019
Network volumes (F)
U.S.$195.0 $174.6 $145.1 $193.4 $220.3 $209.7 $212.3 $198.4 $708.1 $840.7 
Outside the U.S.90.9 80.9 65.9 92.0 111.4 105.0 105.5 103.1 329.7 425.0 
Total$285.9 $255.5 $211.0 $285.4 $331.7 $314.7 $317.8 $301.5 $1,037.8 $1,265.7 
Billed business (F)239.8 213.6 174.7 242.6 281.6 266.2 269.5 253.2 870.7 1,070.5 
Processed volumes (F)46.1 41.9 36.3 42.8 50.1 48.5 48.3 48.3 167.1 195.2 
Total$285.9 $255.5 $211.0 $285.4 $331.7 $314.7 $317.8 $301.5 $1,037.8 $1,265.7 



See Appendix V for footnote references
14


Appendix V(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 for the first quarter of 2021, we changed the expense category name from Occupancy and equipment to Data processing and equipment to better reflect the nature and components of the expense.
(B)Represents net income, less (i) earnings allocated to participating share awards of $15 million, $9 million, $7 million, $2 million and $2 million in Q1'21, Q4'20, Q3'20, Q2'20 and Q1'20, respectively; and (ii) dividends on preferred shares of $14 million, $14 million, $16 million, $17 million and $32 million in Q1'21, Q4'20, Q3'20, Q2'20 and Q1'20, 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 by dividing one-year period of net income by one-year average of total shareholders' equity, and one-year period of net income attributable to common shareholders by one-year average of 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 for the first quarter of 2021, we have 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. Prior period amounts have been recast to conform with current period presentation. See Appendix IV for recast prior period amounts.
(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 both December 31, 2020, and March 31, 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 "T" and "U").
(N)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.
(O)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 Q1'21 apply to the period(s) against which such results are being compared).
(P)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.
(Q)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(R)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(S)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.
(T)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.
(U)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.

15