EX-99.2 3 q223exhibit992.htm EX-99.2 Document

Exhibit 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q2'23Q1'23Q4'22Q3'22Q2'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues
Discount revenue$8,481 $7,947 $8,183 $7,848 $7,873 8 $16,428 $14,708 12 
Net card fees1,789 1,713 1,625 1,541 1,481 21 3,502 2,904 21 
Service fees and other revenue 1,232 1,218 1,181 1,169 1,265 (3)2,450 2,171 13 
Processed revenue447 420 429 420 416 7 867 788 10 
Total non-interest revenues11,949 11,298 11,418 10,978 11,035 8 23,247 20,571 13 
Interest income
Interest on loans4,213 3,939 3,623 3,164 2,707 56 8,152 5,180 57 
Interest and dividends on investment securities34 30 34 27 22 55 64 35 83 
Deposits with banks and other528 447 308 183 70 #975 104 #
Total interest income4,775 4,416 3,965 3,374 2,799 71 9,191 5,319 73 
Interest expense
Deposits1,196 994 778 440 187 #2,190 309 #
Long-term debt and other474 439 429 356 252 88 913 451 #
Total interest expense1,670 1,433 1,207 796 439 #3,103 760 #
Net interest income3,105 2,983 2,758 2,578 2,360 32 6,088 4,559 34 
Total revenues net of interest expense15,054 14,281 14,176 13,556 13,395 12 29,335 25,130 17 
Provisions for credit losses
Card Member receivables230 222 244 165 138 67 452 218 #
Card Member loans923 786 757 596 272 #1,709 161 #
Other45 47 26 17   92 (2)#
Total provisions for credit losses1,198 1,055 1,027 778 410 #2,253 377 #
Total revenues net of interest expense after provisions for credit losses13,856 13,226 13,149 12,778 12,985 7 27,082 24,753 9 
Expenses
Card Member rewards3,956 3,766 3,729 3,571 3,591 10 7,722 6,702 15 
Business development1,388 1,393 1,302 1,194 1,404 (1)2,781 2,447 14 
Card Member services949 983 881 774 678 40 1,932 1,304 48 
Marketing1,408 1,341 1,274 1,458 1,502 (6)2,749 2,726 1 
Salaries and employee benefits1,875 2,014 2,034 1,748 1,816 3 3,889 3,470 12 
Professional services467 440 601 500 501 (7)907 973 (7)
Data processing and equipment677 660 732 651 623 9 1,337 1,223 9 
Other, net402 462 725 423 327 23 864 653 32 
Total expenses11,122 11,059 11,278 10,319 10,442 7 22,181 19,498 14 
Pretax income2,734 2,167 1,871 2,459 2,543 8 4,901 5,255 (7)
Income tax provision560 351 299 580 579 (3)911 1,192 (24)
Net income$2,174 $1,816 $1,572 $1,879 $1,964 11 $3,990 $4,063 (2)
Net income attributable to common shareholders (A)$2,142 $1,788 $1,546 $1,851 $1,934 11 $3,930 $4,003 (2)
Effective tax rate20.5 %16.2 %16.0 %23.6 %22.8 %18.6 %22.7 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$2.89 $2.41 $2.08 $2.47 $2.57 12 $5.30 $5.30  
Average common shares outstanding740 743 745 748 752 (2)741 755 (2)
Diluted
Net income attributable to common shareholders $2.89 $2.40 $2.07 $2.47 $2.57 12 $5.29 $5.30  
Average common shares outstanding741 744 746 749 753 (2)742 756 (2)
Cash dividends declared per common share $0.60 $0.60 $0.52 $0.52 $0.52 15 $1.20 $1.04 15 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
1


American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)
 Q2'23Q1'23Q4'22Q3'22Q2'22YOY % change
Assets      
Cash & cash equivalents$43 $41 $34 $31 $26 65 
Card Member receivables, less reserves58 57 57 55 56 4 
Card Member loans, less reserves110 105 104 96 92 20 
Investment securities4 4 5 5 4  
Other (B)30 29 28 28 27 11 
Total assets$245 $236 $228 $215 $205 20 
Liabilities and Shareholders' Equity      
Customer deposits$123 $121 $110 $103 $96 28 
Short-term borrowings2 2 1 2 2  
Long-term debt47 41 43 42 40 18 
Other (B)46 46 49 44 44 5 
Total liabilities218 210 203 191 182 20 
Shareholders' Equity27 26 25 24 23 17 
Total liabilities and shareholders' equity$245 $236 $228 $215 $205 20 
Return on average equity (C)33.0 %28.7 %32.3 %31.9 %34.4 %
Return on average common equity (C)34.6 %30.1 %34.1 %33.6 %36.5 %
Book value per common share (dollars)$34.11 $32.84 $31.12 $29.92 $28.82 18 

See Appendix III for footnote references
2


American Express Company(Preliminary)
Consolidated Capital
 
 Q2'23Q1'23Q4'22Q3'22Q2'22
Shares Outstanding (in millions) 
Beginning of period743 743 747 751 755 
Repurchase of common shares(7)(1)(4)(4)(4)
Net impact of employee benefit plans and others 1    
End of period736 743 743 747 751 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.6 %10.6 %10.3 %10.6 %10.3 %
Tier 111.4 %11.4 %11.1 %11.5 %11.2 %
Total13.1 %13.1 %12.8 %13.3 %13.0 %
Common Equity Tier 1$21.8 $21.1 $20.0 $19.3 $18.5 
Tier 1 Capital$23.4 $22.7 $21.6 $20.9 $20.2 
Tier 2 Capital$3.4 $3.3 $3.3 $3.2 $3.2 
Total Capital$26.8 $26.0 $24.9 $24.1 $23.4 
RWA$205.3 $198.7 $194.4 $181.7 $179.2 
Tier 1 Leverage9.9 %10.0 %9.9 %10.1 %10.3 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)$237.0 $226.1 $218.6 $207.6 $195.8 

See Appendix III for footnote references
3


American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Billions, except percentages and where indicated) 
 Q2'23Q1'23Q4'22Q3'22Q2'22YOY % changeFY'23FY'22YOY % change
Network volumes (E)$426.6 $398.9 $413.3 $394.4 $394.8 8 $825.5 $745.1 11 
Billed business (E)$368.1 $345.5 $357.4 $339.0 $340.9 8 $713.6 $641.9 11 
Processed volumes (E)$58.5 $53.4 $55.9 $55.4 $53.9 9 $111.9 $103.2 8 
Card Member loans$114.6 $109.1 $108.0 $99.0 $95.4 20 $114.6 $95.4 20 
Cards-in-force (millions) (F)137.9 135.7 133.3 131.4 127.5 8 137.9 127.5 8 
Proprietary cards-in-force79.3 78.0 76.7 75.6 74.2 7 79.3 74.2 7 
Basic cards-in-force (millions) (F)116.0 113.7 111.5 109.9 106.1 9 116.0 106.1 9 
Proprietary basic cards-in-force61.0 60.1 59.1 58.2 56.9 7 61.0 56.9 7 
Average proprietary basic Card Member spending (dollars)$6,075 $5,792 $6,087 $5,886 $6,052  $11,869 $11,512 3 
Average fee per card (dollars) (G)$91 $88 $85 $82 $81 12 $90 $80 13 

See Appendix III for footnote references
4


American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (H)ReportedFX-Adjusted (H)
 Q2'23Q1'23Q4'22Q3'22Q2'22Q2'23Q1'23Q4'22Q3'22Q2'22FY'23FY'23
Network volumes (E)8%14%12%19%25%9%16%16%23%28%11%12%
Billed business (E)8151321278161524301112
U.S. Consumer Services1016152227n/an/an/an/an/a13n/a
Commercial Services21011202721011202766
International Card Services152114212917292637431823
Processed volumes (E)98810121315171919814
Merchant industry billed business
Goods & Services (G&S) spend (73% of Q2'23 worldwide billed business)68713156910161878
T&E spend (27% of Q2'23 worldwide billed business)143734528014393857842425
Airline spend (7% of Q2'23 worldwide billed business)1257621101421260671181483133

See Appendix III for footnote references
5


American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Billions, except percentages and where indicated)
 Q2'23Q1'23Q4'22Q3'22Q2'22YOY % changeFY'23FY'22YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (J)2.0 %1.7 %1.3 %1.0 %0.9 %1.9 %0.9 %
Net write-off rate (principal only) (J)(L)1.8 %1.6 %1.2 %0.9 %0.8 %1.7 %0.8 %
30+ days past due as a % of total (L)1.2 %1.2 %1.1 %0.9 %0.7 %1.2 %0.7 %
Card Member loans         
Total Card Member loans$114.6 $109.1 $108.0 $99.0 $95.4 20 $114.6 $95.4 20 
Credit loss reserves (millions)
Beginning balance$4,053 $3,747 $3,319 $2,997 $2,981 36 $3,747 $3,305 13 
Provisions - principal, interest and fees923 786 757 596 272 #1,709 161 #
Net write-offs - principal less recoveries(490)(397)(277)(203)(192)#(887)(357)#
Net write-offs - interest and fees less recoveries(107)(89)(68)(56)(55)95 (196)(105)87 
Other (I)11 6 16 (15)(9)#17 (7)#
Ending balance $4,390 $4,053 $3,747 $3,319 $2,997 46 $4,390 $2,997 46 
% of loans3.8 %3.7 %3.5 %3.4 %3.1 %3.8 %3.1 %
% of past due 336 %330 %348 %393 %441 %336 %441 %
Average loans$112.4 $107.7 $103.9 $97.7 $92.4 22 $110.2 $89.7 23 
Net write-off rate (principal, interest and fees) (J) (L)2.1 %1.8 %1.3 %1.1 %1.1 %2.0 %1.0 %
Net write-off rate (principal only) (J) (L)1.7 %1.5 %1.1 %0.8 %0.8 %1.6 %0.8 %
30+ days past due as a % of total (L)1.1 %1.1 %1.0 %0.9 %0.7 %1.1 %0.7 %
Net interest income divided by average Card Member loans (K)11.1 %11.2 %10.5 %10.5 %10.2 %11.1 %10.2 % 
Net interest yield on average Card Member loans (K)11.2 %11.3 %10.8 %10.8 %10.4 %11.2 %10.5 % 
Card Member receivables         
Total Card Member receivables$58.2 $57.5 $57.6 $55.3 $56.0 4 $58.2 $56.0 4 
Credit loss reserves (millions)
Beginning balance$223 $229 $159 $119 $76 #$229 $64 #
Provisions - principal and fees230 222 244 165 138 67 452 218 #
Net write-offs - principal and fees less recoveries(243)(230)(178)(122)(95)#(473)(162)#
Other (I) 2 4 (3)  2 (1)#
Ending balance$210 $223 $229 $159 $119 76 $210 $119 76 
% of receivables0.4 %0.4 %0.4 %0.3 %0.2 %0.4 %0.2 %
Net write-off rate (principal and fees) (J)1.7 %1.6 %1.3 %0.9 %0.7 %1.6 %0.6 %
Net write-off rate (principal only) (J)(L)1.9 %1.9 %1.4 %1.0 %0.8 %1.9 %0.7 % 
30+ days past due as a % of total (L)1.2 %1.4 %1.3 %1.1 %0.8 %1.2 %0.8 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
6


American Express Company(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Billions, except percentages and where indicated)
 Q2'23Q1'23Q4'22Q3'22Q2'22YOY % changeFY'23FY'22YOY % change
Other loans (B)
Total other loans$6.3 $5.9 $5.4 $4.8 $4.0 58 $6.3 $4.0 58 
Credit loss reserves (millions)
Beginning balance$83 $59 $46 $38 $48 73 $59 $52 13 
Provisions43 40 23 14 (6)#83 (8)#
Net write-offs(28)(16)(10)(6)(4)#(44)(6)#
Other (I)         
Ending balance$98 $83 $59 $46 $38 #$98 $38 #
% of other loans1.6 %1.4 %1.1 %1.0 %1.0 %1.6 %1.0 %
Other receivables (B)
Total other receivables$3.1 $3.0 $3.1 $3.0 $3.0 3 $3.1 $3.0 3 
Credit loss reserves (millions)
Beginning balance$25 $22 $22 $23 $22 14 $22 $25 (12)
Provisions2 7 3 3 6 (67)9 6 50 
Net write-offs(3)(3)(2)(4)(6)(50)(6)(9)(33)
Other (I) (1)(1) 1 #(1)1 #
Ending balance$24 $25 $22 $22 $23 4 $24 $23 4 
% of other receivables0.8 %0.8 %0.7 %0.7 %0.8 %0.8 %0.8 %
# - 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
Q2'23     
Non-interest revenues$4,643 $3,301 $2,349 $1,675 $(19)$11,949 
Interest income2,934 792 497 14 538 4,775 
Interest expense647 364 261 (174)572 1,670 
Total revenues net of interest expense6,930 3,729 2,585 1,863 (53)15,054 
Total provisions for credit losses659 339 198 1 1 1,198 
Total revenues net of interest expense after provisions for credit losses6,271 3,390 2,387 1,862 (54)13,856 
Total expenses5,021 2,677 2,134 899 391 11,122 
Pretax income (loss)$1,250 $713 $253 $963 $(445)$2,734 
Q2'22
Non-interest revenues$4,154 $3,122 $2,140 $1,568 $51 $11,035 
Interest income1,893 468 347 5 86 2,799 
Interest expense136 121 144 (61)99 439 
Total revenues net of interest expense5,911 3,469 2,343 1,634 38 13,395 
Total provisions for credit losses192 97 116 2 3 410 
Total revenues net of interest expense after provisions for credit losses5,719 3,372 2,227 1,632 35 12,985 
Total expenses4,446 2,594 2,044 830 528 10,442 
Pretax income (loss)$1,273 $778 $183 $802 $(493)$2,543 
YOY % change
Non-interest revenues12 6 10 7 #8 
Interest income55 69 43 ##71 
Interest expense##81 ###
Total revenues net of interest expense17 7 10 14 #12 
Total provisions for credit losses##71 (50)(67)#
Total revenues net of interest expense after provisions for credit losses10 1 7 14 #7 
Total expenses13 3 4 8 (26)7 
Pretax income (loss)(2)(8)38 20 10 8 
# - 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)
 Q2'23Q1'23Q4'22Q3'22Q2'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues$4,643 $4,359 $4,416 $4,233 $4,154 12 $9,002 $7,791 16 
Interest income2,934 2,775 2,577 2,251 1,893 55 5,709 3,629 57 
Interest expense647 551 470 274 136 #1,198 239 #
Net interest income2,287 2,224 2,107 1,977 1,757 30 4,511 3,390 33 
Total revenues net of interest expense6,930 6,583 6,523 6,210 5,911 17 13,513 11,181 21 
Total provisions for credit losses659 584 542 403 192 #1,243 76 #
Total revenues net of interest expense after provisions for credit losses6,271 5,999 5,981 5,807 5,719 10 12,270 11,105 10 
Total expenses5,021 4,869 4,695 4,498 4,446 13 9,890 8,300 19 
Pretax segment income$1,250 $1,130 $1,286 $1,309 $1,273 (2)$2,380 $2,805 (15)
(Billions, except percentages and where indicated)
Billed business (E)$155.4 $142.3 $148.9 $140.3 $141.1 10 $297.6 $263.7 13 
Proprietary cards-in-force (millions) (F)43.2 42.4 41.7 41.2 40.3 7 43.2 40.3 7 
Proprietary basic cards-in-force (millions) (F)30.2 29.7 29.2 28.9 28.3 7 30.2 28.3 7 
Average proprietary basic Card Member spending (dollars)$5,181 $4,822 $5,116 $4,908 $5,028 3 $10,005 $9,480 6 
Segment assets$94.9 $90.6 $94.4 $84.8 $82.4 15 $94.9 $82.4 15 
Card Member loans
Total loans$75.6 $72.0 $72.7 $66.3 $63.7 19 $75.6 $63.7 19 
Average loans$74.2 $71.6 $69.4 $65.3 $61.6 20 $73.1 $60.0 22 
Net write-off rate (principal, interest and fees) (J)2.1 %1.9 %1.3 %1.1 %1.1 %2.0 %1.1 % 
Net write-off rate (principal only) (J)1.7 %1.5 %1.1 %0.8 %0.8 %1.6 %0.8 % 
30+ days past due as a % of total1.1 %1.1 %1.0 %0.9 %0.7 %1.1 %0.7 % 
Net interest income divided by average Card Member loans (K)12.4 %12.6 %12.0 %12.0 %11.4 %12.4 %11.4 % 
Net interest yield on average Card Member loans (K)12.1 %12.3 %11.9 %11.9 %11.3 %12.2 %11.3 % 
Card Member receivables
Total receivables$13.7 $13.3 $14.3 $13.2 $13.8 (1)$13.7 $13.8 (1)
Net write-off rate (principal and fees) (J)1.3 %1.3 %1.0 %0.6 %0.5 %1.3 %0.4 % 
Net write-off rate (principal only) (J)1.2 %1.2 %0.9 %0.6 %0.5 %1.2 %0.4 % 
30+ days past due as a % of total0.8 %1.0 %0.9 %0.9 %0.6 %0.8 %0.6 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
9


Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
Q2'23Q1'23Q4'22Q3'22Q2'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues$3,301 $3,107 $3,210 $3,145 $3,122 6 $6,408 $5,841 10 
Interest income792 706 635 552 468 69 1,498 883 70 
Interest expense364 321 288 201 121 #685 208 #
Net interest income428 385 347 351 347 23 813 675 20 
Total revenues net of interest expense3,729 3,492 3,557 3,496 3,469 7 7,221 6,516 11 
Total provisions for credit losses339 283 271 196 97 #622 98 #
Total revenues net of interest expense after provisions for credit losses3,390 3,209 3,286 3,300 3,372 1 6,599 6,418 3 
Total expenses2,677 2,579 2,739 2,526 2,594 3 5,256 4,859 8 
Pretax segment income (loss)$713 $630 $547 $774 $778 (8)$1,343 $1,559 (14)
(Billions, except percentages and where indicated)
Billed business (E)$130.2 $125.0 $130.5 $127.6 $127.9 2 $255.2 $241.5