EX-99.2 3 q420exhibit992.htm EX-99.2 Document

EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q4'20Q3'20Q2'20Q1'20Q4'19YOY % changeYTD'20YTD'19YOY % change
Non-interest revenues
Discount revenue$5,549 $4,999 $4,015 $5,838 $6,829 (19)$20,401 $26,167 (22)
Net card fees1,222 1,191 1,141 1,110 1,077 13 4,664 4,042 15 
Other fees and commissions516 478 449 720 832 (38)2,163 3,297 (34)
Other167 209 186 312 343 (51)874 1,430 (39)
Total non-interest revenues7,454 6,877 5,791 7,980 9,081 (18)28,102 34,936 (20)
Interest income
Interest on loans2,236 2,266 2,368 2,909 2,934 (24)9,779 11,308 (14)
Interest and dividends on investment securities29 33 27 38 50 (42)127 188 (32)
Deposits with banks and other22 25 31 99 101 (78)177 588 (70)
Total interest income2,287 2,324 2,426 3,046 3,085 (26)10,083 12,084 (17)
Interest expense
Deposits155 202 260 326 353 (56)943 1,559 (40)
Long-term debt and other235 248 282 390 448 (48)1,155 1,905 (39)
Total interest expense390 450 542 716 801 (51)2,098 3,464 (39)
Net interest income1,897 1,874 1,884 2,330 2,284 (17)7,985 8,620 (7)
Total revenues net of interest expense9,351 8,751 7,675 10,310 11,365 (18)36,087 43,556 (17)
Provisions for credit losses
Card Member receivables(54)117 355 597 248 #1,015 963 5 
Card Member loans37 571 969 1,876 730 (95)3,453 2,462 40 
Other(94)(23)231 148 46 #262 148 77 
Total provisions for credit losses(111)665 1,555 2,621 1,024 #4,730 3,573 32 
Total revenues net of interest expense after provisions for credit losses9,462 8,086 6,120 7,689 10,341 (9)31,357 39,983 (22)
Expenses
Marketing and business development1,858 1,822 1,362 1,705 1,953 (5)6,747 7,125 (5)
Card Member rewards2,296 2,004 1,349 2,392 2,722 (16)8,041 10,439 (23)
Card Member services307 259 208 456 552 (44)1,230 2,223 (45)
Salaries and employee benefits1,566 1,408 1,349 1,395 1,623 (4)5,718 5,911 (3)
Professional services523 421 406 439 594 (12)1,789 2,091 (14)
Occupancy and equipment644 577 564 549 599 8 2,334 2,168 8 
Other, net410 231 260 301 312 31 1,202 1,597 (25)
Total expenses7,604 6,722 5,498 7,237 8,355 (9)27,061 31,554 (14)
Pretax income1,858 1,364 622 452 1,986 (6)4,296 8,429 (49)
Income tax provision420 291 365 85 293 43 1,161 1,670 (30)
Net income$1,438 $1,073 $257 $367 $1,693 (15)$3,135 $6,759 (54)
Net income attributable to common shareholders (A)$1,415 $1,050 $238 $333 $1,661 (15)$3,036 $6,631 (54)
Effective tax rate22.6 %21.3 %58.7 %18.8 %14.8 %27.0 %19.8 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$1.76 $1.31 $0.29 $0.41 $2.04 (14)$3.77 $8.00 (53)
Average common shares outstanding805 804 804 807 814 (1)805 828 (3)
Diluted
Net income attributable to common shareholders $1.76 $1.30 $0.29 $0.41 $2.03 (13)$3.77 $7.99 (53)
Average common shares outstanding806 805 805 808 816 (1)806 830 (3)
Cash dividends declared per common share $0.43 $0.43 $0.43 $0.43 $0.43 — $1.72 $1.64 5 
# - 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) 

 Q4'20Q3'20Q2'20Q1'20Q4'19YOY % change
Assets      
Cash & cash equivalents (B)$33 $36 $42 $39 $24 38 
Card Member receivables, less reserves43 40 37 44 57 (25)
Card Member loans, less reserves68 64 64 72 85 (20)
Investment securities22 22 20 5 8 #
Other (C)25 25 26 26 24 4 
Total assets$191 $187 $189 $186 $198 (4)
Liabilities and Shareholders' Equity      
Customer deposits$87 $85 $85 $78 $73 19 
Short-term borrowings2 2 2 3 6 (67)
Long-term debt43 45 49 53 58 (26)
Other (C)36 33 32 31 38 (5)
Total liabilities$168 $165 $168 $165 $175 (4)
Shareholders' Equity23 22 21 21 23 — 
Total liabilities and shareholders' equity$191 $187 $189 $186 $198 (4)
Return on average equity (D)14.2 %15.3 %18.1 %24.4 %29.6 %
Return on average common equity (D)14.9 %15.9 %18.9 %25.6 %31.2 %
Book value per common share (dollars)$26.58 $25.19 $24.19 $24.13 $26.51 — 

# - Denotes a variance of 100 percent or more.

























See Appendix IV for footnote references.
2


American Express Company(Preliminary)
Consolidated Capital
 
 Q4'20Q3'20Q2'20Q1'20Q4'19
Shares Outstanding (in millions) 
Beginning of period805 805 805 810 821 
Repurchase of common shares— — (7)(11)
Net impact of employee benefit plans and others— — — 2.0 — 
End of period805 805 805 805 810 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)13.5 %13.9 %13.6 %11.9 %10.7 %
Tier 114.7 %15.1 %14.8 %13.0 %11.6 %
Total16.2 %16.7 %16.5 %14.6 %13.2 %
Common Equity Tier 1$18.7 $18.3 $17.6 $17.3 $18.1 
Tier 1 Capital$20.3 $19.9 $19.2 $19.0 $19.6 
Tier 2 Capital$2.1 $2.2 $2.1 $2.3 $2.6 
Total Capital$22.4 $22.1 $21.3 $21.3 $22.2 
RWA$138.3 $131.9 $129.3 $146.2 $168.5 
Tier 1 Leverage11.0 %10.8 %10.4 %10.0 %10.2 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (E)$185.1 $185.3 $184.3 $190.1 $192.3 
































See Appendix IV for footnote references.
3

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

 Q4'20Q3'20Q2'20Q1'20Q4'19YOY % changeYTD'20YTD'19YOY % change
Billed business (F)
U.S.$190.1 $170.9 $141.9 $190.2 $216.8 (12)$693.1 $827.7 (16)
Outside the U.S.87.4 77.8 63.2 89.1 108.4 (19)317.5 413.1 (23)
Total$277.5 $248.7 $205.1 $279.3 $325.2 (15)$1,010.6 $1,240.8 (19)
Proprietary$239.7 $213.6 $174.8 $242.6 $281.6 (15)$870.7 $1,070.5 (19)
Global Network Services (GNS)37.8 35.1 30.3 36.7 43.6 (13)139.9 170.3 (18)
Total$277.5 $248.7 $205.1 $279.3 $325.2 (15)$1,010.6 $1,240.8 (19)
Cards-in-force (millions) (G)
U.S.53.8 53.6 54.4 54.9 54.7 (2)53.8 54.7 (2)
Outside the U.S.58.2 57.9 58.5 58.7 59.7 (3)58.2 59.7 (3)
Total112.0 111.5 112.9 113.6 114.4 (2)112.0 114.4 (2)
Proprietary68.9 68.8 69.3 70.4 70.3 (2)68.9 70.3 (2)
GNS43.1 42.7 43.6 43.2 44.1 (2)43.1 44.1 (2)
Total112.0 111.5 112.9 113.6 114.4 (2)112.0 114.4 (2)
Basic cards-in-force (millions) (G)
U.S.42.2 42.0 42.7 43.1 43.0 (2)42.2 43.0 (2)
Outside the U.S.49.1 48.8 49.1 49.2 50.0 (2)49.1 50.0 (2)
Total91.3 90.8 91.8 92.3 93.0 (2)91.3 93.0 (2)
Average proprietary basic Card Member spending (dollars)
U.S.$4,983 $4,486 $3,697 $4,922 $5,630 (11)$18,085 $21,515 (16)
Outside the U.S.$3,505 $2,989 $2,272 $3,505 $4,325 (19)$12,264 $16,351 (25)
Average$4,549 $4,041 $3,270 $4,497 $5,237 (13)$16,352 $19,972 (18)
Card Member loans
U.S.$64.2 $61.4 $62.0 $69.0 $76.0 (16)$64.2 $76.0 (16)
Outside the U.S.9.2 8.2 8.1 8.7 11.4 (19)9.2 11.4 (19)
Total$73.4 $69.6 $70.1 $77.7 $87.4 (16)$73.4 $87.4 (16)
Average discount rate (H)2.25 %2.27 %2.23 %2.34 %2.36 %2.28 %2.37 %
Average fee per card (dollars) (I)$71 $69 $65 $63 $61 16 $67 $58 16 


See Appendix IV for footnote references.
4


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

 Q4'20Q3'20Q2'20Q1'20Q4'19YOY % changeYTD'20YTD'19YOY % change
Worldwide Card Member loans         
U.S.$64.2 $61.4 $62.0 $69.0 $76.0 (16)$64.2 $76.0 (16)
Outside the U.S.$9.2 $8.2 $8.1 $8.7 $11.4 (19)$9.2 $11.4 (19)
Total loans$73.4 $69.6 $70.1 $77.7 $87.4 (16)$73.4 $87.4 (16)
Credit loss reserves (millions)
Beginning balance (J)$5,688 $5,628 $5,236 $4,027 $2,232 #$4,027 $2,134 89 
Provisions - principal, interest and fees37 571 969 1,876 730 (95)3,453 2,462 40 
Net write-offs - principal less recoveries(346)(432)(499)(518)(493)(30)(1,795)(1,860)(3)
Net write-offs - interest and fees less recoveries(74)(91)(103)(107)(98)(24)(375)(375)— 
Other (K)39 12 25 (42)12 #34 22 55 
Ending balance $5,344 $5,688 $5,628 $5,236 $2,383 #$5,344 $2,383 #
% of loans7.3 %8.2 %8.0 %6.7 %2.7 %7.3 %2.7 %
% of past due 727 %679 %493 %406 %177 %727 %177 %
Average loans$71.2 $69.9 $72.1 $83.4 $85.2 (16)$74.6 $82.8 (10)
Net write-off rate (principal only) (L)1.9 %2.5 %2.8 %2.5 %2.3 %2.4 %2.2 %
Net write-off rate (principal, interest and fees) (L)2.4 %3.0 %3.3 %3.0 %2.8 %2.9 %2.7 %
30+ days past due as a % of total (M)1.0 %1.2 %1.6 %1.7 %1.5 %1.0 %1.5 %
Net interest income divided by average Card Member loans (N)10.7 %10.7 %10.5 %11.2 %10.7 %10.7 %10.4 % 
Net interest yield on average Card Member loans (N)11.4 %11.6 %11.6 %11.9 %11.3 %11.5 %11.1 % 
Worldwide Card Member receivables         
U.S.$30.5 $29.2 $26.9 $32.6 $39.0 (22)$30.5 $39.0 (22)
Outside the U.S.$13.2 $11.6 $10.7 $12.1 $18.4 (28)$13.2 $18.4 (28)
Total receivables$43.7 $40.8 $37.6 $44.7 $57.4 (24)$43.7 $57.4 (24)
Credit loss reserves (millions)
Beginning balance (J)$422 $519 $459 $126 $615 (31)$126 $573 (78)
Provisions - principal and fees(54)117 355 597 248 #1,015 963 5 
Net write-offs - principal and fees less recoveries(105)(219)(299)(258)(243)(57)(881)(900)(2)
Other (K)4 5 4 (6)(1)#7 (17)#
Ending balance$267 $422 $519 $459 $619 (57)$267 $619 (57)
% of receivables0.6 %1.0 %1.4 %1.0 %1.1 %0.6 %1.1 %
Net write-off rate (principal and fees) (L)1.0 %2.2 %3.1 %1.9 %1.7 %2.0 %1.6 % 
Net write-off rate, excluding Global Corporate Payments (GCP) (principal and fees) (L)(O)1.1 %2.2 %2.8 %2.3 %2.1 %2.1 %2.0 % 
Net write-off rate, excluding GCP (principal only) (L)(O)1.0 %2.0 %2.5 %2.1 %1.9 %1.9 %1.8 % 
30+ days past due as a % of total, excluding GCP (O)0.60 %0.90 %1.70 %1.90 %1.40 %0.60 %1.40 % 
Other loans (C)
Total other loans$2.9 $3.5 $4.6 $5.2 $4.8 (40)$2.9 $4.8 (40)
Credit loss reserves (millions)
Beginning balance$370 $423 $241 $172 $140 #$172 $124 39 
Provisions(101)(26)206 98 36 #177 126 40 
Net write-offs(31)(27)(24)(29)(24)29 (111)(98)13 
Ending balance$238 $370 $423 $241 $152 57 $238 $152 57 
% of other loans8.2 %10.6 %9.2 %4.6 %3.2 %8.2 %3.2 %
Other receivables (C)
Total other receivables$3.0 $2.6 $2.8 $2.9 $3.1 (3)$3.0 $3.1 (3)
Credit loss reserves (millions)
Beginning balance$85 $94 $71 $27 $22 #$27 $25 8 
Provisions7 3 25 50 10 (30)85 22 #
Net write-offs(7)(12)(2)(6)(5)40 (27)(20)35 
Ending balance$85 $85 $94 $71 $27 #$85 $27 #
% of other receivables2.8 %3.3 %3.4 %2.4 %0.9 %2.8 %0.9 %

# - 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)		Global Commercial Services
(GCS)		Global Merchant and Network Services
(GMNS)		Corporate and OtherConsolidated
Q4'20     
Non-interest revenues (P)$3,835 $2,523 $1,219 $(123)$7,454 
Interest income1,901 334 4 48 2,287 
Interest expense (Q)209 126 (20)75 390 
Total revenues net of interest expense5,527 2,731 1,243 (150)9,351 
Total provisions for credit losses40 (164)13 — (111)
Total revenues net of interest expense after provisions for credit losses5,487 2,895 1,230 (150)9,462 
Marketing, business development, and Card Member rewards and services2,739 1,338 390 (6)4,461 
Salaries and employee benefits and other operating expenses (P)1,297 890 557 399 3,143 
Pretax income (loss)1,451 667 283 (543)1,858 
Income tax provision (benefit)333 129 75 (117)420 
Net income (loss)1,118 538 208 (426)1,438 
Q4'19
Non-interest revenues (P)$4,371 $3,187 $1,505 $18 $9,081 
Interest income2,442 493 6 144 3,085 
Interest expense (Q)412 247 (62)204 801 
Total revenues net of interest expense6,401 3,433 1,573 (42)11,365 
Total provisions for credit losses780 236 9 (1)1,024 
Total revenues net of interest expense after provisions for credit losses5,621 3,197 1,564 (41)10,341 
Marketing, business development, and Card Member rewards and services3,145 1,641 417 24 5,227 
Salaries and employee benefits and other operating expenses (P)1,318 919 581 310 3,128 
Pretax income (loss)1,158 637 566 (375)1,986 
Income tax provision (benefit)177 87 92 (63)293 
Net income (loss)981 550 474 (312)1,693 
YOY % change
Non-interest revenues(12)(21)(19)#(18)
Interest income(22)(32)(33)(67)(26)
Interest expense(49)(49)(68)(63)(51)
Total revenues net of interest expense(14)(20)(21)#(18)
Total provisions for credit losses(95)#44 ##
Total revenues net of interest expense after provisions for credit losses(2)(9)(21)#(9)
Marketing, business development, and Card Member rewards and services(13)(18)(6)#(15)
Salaries and employee benefits and other operating expenses(2)(3)(4)29 — 
Pretax income (loss)25 5 (50)45 (6)
Income tax provision (benefit)88 48 (18)86 43 
Net income (loss)14 (2)(56)37 (15)

# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references.
6


American Express Company(Preliminary)
Billed Business Growth Trend 

 YOY % change
 ReportedFX-Adjusted (R)ReportedFX-Adjusted (R)
 Q4'20Q3'20Q2'20Q1'20Q4'19Q4'20Q3'20Q2'20Q1'20Q4'19YTD'20YTD'20
Worldwide            
Proprietary consumer(12)%(17)%(35)%(3)%8%(13)%(18)%(34)%(2)%8%(17)%(17)%
Proprietary commercial(18)(23)(36)(6)5(19)(23)(36)(5)5(21)(21)
Proprietary(15)(20)(35)(4)7(16)(20)(35)(3)7(19)(19)
GNS(13)(17)(28)(13)(2)(15)(16)(25)(10)(1)(18)(17)
Total(15)(19)(34)(6)5(16)(20)(33)(4)6(19)(18)
T&E-related volume (11% of Q4'20 Worldwide Total) (S)(65)(69)(87)(21)6(65)(69)(87)(19)(T)(61)(60)
Non-T&E-related volume (89% of Q4'20 Worldwide Total) (S)41(13)3641(12)4(T)(1)(1)
Airline-related volume (1% of Q4'20 Worldwide Total) (S)(85)(92)#(32)1(85)(92)#(30)1(76)(76)
U.S.            
Proprietary consumer(11)(16)(32)(1)7n/an/an/an/an/a(15)n/a
Proprietary commercial(15)(19)(33)(4)4n/an/an/an/an/a(18)n/a
Proprietary(12)(17)(32)(3)6n/an/an/an/an/a(16)n/a
Total(12)(17)(32)(3)6n/an/an/an/an/a(16)n/a
T&E-related volume (11% of Q4'20 U.S. Total) (S)(61)(66)(84)(17)6n/an/an/an/an/a(57)n/a
Non-T&E-related volume (89% of Q4'20 U.S. Total) (S)42(12)35n/an/an/an/an/a(1)n/a
Airline-related volume (1% of Q4'20 U.S. Total) (S)(82)(90)#(29)4n/an/an/an/an/a(75)n/a
Outside the U.S.            
Proprietary consumer(17)(21)(41)(6)11(20)(23)(39)(2)11(21)(21)
Proprietary commercial(31)(37)(49)(12)7(33)(37)(46)(7)8(32)(31)
Proprietary(22)(27)(44)(8)10(25)(29)(42)(4)10(26)(25)
Total(19)(24)(38)(11)4(22)(24)(36)(7)5(23)(22)
Japan, Asia Pacific & Australia billed business(10)(15)(27)(10)4(15)(17)(25)(6)5(16)(16)
Latin America & Canada billed business(29)(37)(49)(12)5(25)(31)(42)(5)7(32)(26)
Europe, Middle East & Africa billed business(28)(30)(50)(13)4(31)(32)(49)(10)4(30)(31)


# - 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
(Millions, except percentages)

 Q4'20Q3'20Q2'20Q1'20Q4'19YOY % changeYTD'20YTD'19YOY % change
Non-interest revenues (P)$3,835 $3,517 $2,932 $3,894 $4,371 (12)$14,178 $16,702 (15)
Interest income1,901 1,916 1,971 2,411 2,442 (22)8,199 9,413 (13)
Interest expense (Q)209 242 272 328 412 (49)1,051 1,730 (39)
Net interest income1,692 1,674 1,699 2,083 2,030 (17)7,148 7,683 (7)
Total revenues net of interest expense5,527 5,191 4,631 5,977 6,401 (14)21,326 24,385 (13)
Total provisions for credit losses40 412 886 1,810 780 (95)3,148 2,635 19 
Total revenues net of interest expense after provisions for credit losses5,487 4,779 3,745 4,167 5,621 (2)18,178 21,750 (16)
Expenses
Marketing, business development, and Card Member rewards and services2,739 2,504 1,723 2,702 3,145 (13)9,668 12,043 (20)
Salaries and employee benefits and other operating expenses (P)1,297 1,177 1,195 1,234 1,318 (2)4,903 4,967 (1)
Total expenses4,036 3,681 2,918 3,936 4,463 (10)14,571 17,010 (14)
Pretax segment income1,451 1,098 827 231 1,158 25 3,607 4,740 (24)
Income tax provision333 243 300 30 177 88 906 933 (3)
Segment income$1,118 $855 $527 $201 $981 14 $2,701 $3,807 (29)
Effective tax rate22.9 %22.1 %36.3 %13.0 %15.3 %25.1 %19.7 %
(Billions, except percentages and where indicated)
Proprietary billed business (F)
U.S.$94.8 $83.9 $68.1 $90.9 $105.9 (10)$337.6 $398.8 (15)
Outside the U.S.$34.7 $30.2 $22.5 $33.7 $41.8 (17)$121.1 $154.0 (21)
Total$129.5 $114.1 $90.6 $124.6 $147.7 (12)$458.7 $552.8 (17)
Proprietary cards-in-force (millions) (G)
U.S.37.7 37.5 37.5 38.0 37.9 (1)37.7 37.9 (1)
Outside the U.S.16.7 16.8 17.2 17.6 17.5 (5)16.7 17.5 (5)
Total54.4 54.3 54.7 55.6 55.4 (2)54.4 55.4 (2)
Proprietary basic cards-in-force (millions) (G)
U.S.26.6 26.5 26.6 27.0 26.9 (1)26.6 26.9 (1)
Outside the U.S.11.6 11.7