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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission file number 1-7657
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
New York13-4922250
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York
10285
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code                                          (212) 640-2000
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares (par value $0.20 per share)AXPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ      No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐      No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at July 19, 2023
Common Shares (par value $0.20 per share)736,458,872 Shares




Table of Contents

AMERICAN EXPRESS COMPANY
FORM 10-Q
INDEX
Page No.
Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” or “partnering” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties. Refer to the “MD&A― Glossary of Selected Terminology” for the definitions of other key terms used in this report.


Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
Business Introduction
We are a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Our principal products and services are credit and charge card products, along with travel and lifestyle related services, offered to consumers and businesses around the world. Our range of products and services includes:
Credit card, charge card, banking and other payment and financing products
Merchant acquisition and processing, servicing and settlement, and point-of-sale marketing and information products and services for merchants
Network services
Other fee services, including fraud prevention services and the design and operation of customer loyalty programs
Expense management products and services
Travel and lifestyle services
Our various products and services are offered globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, direct mail, telephone, in-house sales teams, and direct response advertising.
We compete in the global payments industry with card networks, issuers and acquirers, paper-based transactions (e.g., cash and checks), bank transfer models (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative payment and financing providers. As the payments industry continues to evolve, we face increasing competition from non-traditional players that leverage new technologies, business models and customer relationships to create payment or financing solutions.
Refer to the “Glossary of Selected Terminology” for the definitions of certain key terms and related information appearing within this Form 10-Q.
Forward-Looking Statements and Non-GAAP Measures
Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.
Bank Holding Company
American Express is a bank holding company under the Bank Holding Company Act of 1956 and The Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards.
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Table 1: Summary of Financial Performance
As of or for the Three Months Ended
June 30,
Change
2023 vs. 2022
As of or for the Six Months Ended
June 30,
Change
2023 vs. 2022
(Millions, except percentages, per share amounts and where indicated)2023202220232022
Selected Income Statement Data
Total revenues net of interest expense$15,054$13,395$1,659 12 %$29,335$25,130$4,205 17 %
Provisions for credit losses1,198410788 #2,2533771,876 #
Total expenses11,12210,442680 22,18119,4982,683 14 
Pretax income2,7342,543191 4,9015,255(354)(7)
Income tax provision560579(19)(3)9111,192(281)(24)
Net income2,1741,964210 11 3,9904,063(73)(2)
Earnings per common share — diluted (a)
$2.89$2.57$0.32 12 %$5.29$5.30$(0.01)— %
Common Share Statistics (b)
Cash dividends declared per common share$0.60$0.52$0.08 15 %$1.20$1.04$0.16 15 %
Average common shares outstanding:
Basic740752(12)(2)%741755(14)(2)%
Diluted741753(12)(2)%742756(14)(2)%
Selected Metrics and Ratios
Network volumes (Billions)
$426.6$394.8$32 %$825.5$745.1$80 11 %
Return on average equity (c)
33.0 %34.4 %30.9 %36.0 %
Net interest income divided by average Card Member loans11.1 %10.2 %11.1 %10.2 %
Net interest yield on average Card Member loans (d)
11.2 %10.4 %11.2 %10.5 %
Effective tax rate20.5 %22.8 %18.6 %22.7 %
Common Equity Tier 1 10.6 %10.3 %10.6 %10.3 %
Selected Balance Sheet Data
Cash and cash equivalents$42,958$26,277$16,681 63 %$42,958$26,277$16,681 63 %
Card Member receivables58,22156,0192,202 58,22156,0192,202 
Card Member loans114,60295,43719,165 20 114,60295,43719,165 20 
Customer deposits122,75696,41126,345 27 122,75696,41126,345 27 
Long-term debt$46,725$40,495$6,230 15 %$46,725$40,495$6,230 15 %
# Denotes a variance of 100 percent or more
(a)Represents net income, less (i) earnings allocated to participating share awards of $17 million and $15 million for the three months ended June 30, 2023 and 2022, respectively, and $31 million for both the six months ended June 30, 2023 and 2022, and (ii) dividends on preferred shares of $15 million for both the three months ended June 30, 2023 and 2022, and $29 million for both the six months ended June 30, 2023 and 2022.
(b)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
(c)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period.
(d)Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to Table 8 for a reconciliation to Net interest income divided by average Card Member loans.
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Business Environment
Our results for the second quarter reflect continued strong performance across our business. Card Member spending, new account acquisitions and credit performance demonstrate the strength of our differentiated business model, which drove net income of $2.2 billion, or $2.89 per share, for the second quarter, compared with net income of $2.0 billion, or $2.57 per share, a year ago.
Worldwide network volumes for the second quarter increased 8 percent compared to the prior year. Billed business, which represented 86 percent of our total network volumes and is the most significant driver of our financial results, also increased 8 percent year-over-year. Goods & Services (G&S) spend increased 6 percent year-over-year, driven by U.S. consumer and international Card Members, while U.S. small and mid-sized enterprise (SME) Card Member spend growth continued to slow. Travel & Entertainment (T&E) spend grew by 14 percent year-over-year, reflecting continued demand for travel and dining experiences across geographies and customer types. U.S. Consumer Services billed business grew by 10 percent year-over-year, with the largest portion of this growth coming from continued strength in spending trends by our Millennial and Gen-Z Card Members. International Card Services billed business grew by 15 percent year-over-year, driven by continued growth in spend across both consumer and commercial customers outside the U.S. Billed business in our Commercial Services segment grew by 2 percent on a year-over-year basis, reflecting the continued slowing pace of growth from both U.S. SME Card Members and U.S. large and global corporate customers.
Total revenues net of interest expense increased 12 percent year-over-year. The growth in total billed business drove an 8 percent increase in Discount revenue, our largest revenue line. Net card fees increased 21 percent year-over-year, reflecting the high levels of new card acquisition and Card Member retention over the past several quarters, demonstrating the impact of investments we have made in our premium value propositions. Net interest income increased 32 percent versus the prior year, primarily reflecting an increase in the interest-bearing portion of our total loans and Card Member receivables.
Total loans and Card Member receivables increased 15 percent year-over-year, as our Card Members continue to spend and rebuild balances. Provisions for credit losses increased from the prior year’s unusually low levels, primarily driven by higher net write-offs and a higher net reserve build in the current period, both of which reflect the strong growth in loans and Card Member receivables. While net write-off rates continued to increase in the second quarter, our credit metrics remain best-in-class, and below pre-pandemic levels, supported by the premium nature of our customer base and our risk management capabilities.
Card Member rewards, Card Member services and Business development expenses are generally correlated to volumes or are variable based on usage and collectively increased year-over-year due to network volume growth and higher usage of travel-related benefits. Card Member rewards expense growth was also driven by a larger proportion of spend in categories that earn higher levels of rewards. Marketing expense decreased 6 percent year-over-year in the second quarter, but is up 1 percent for the six month period, as we remain focused on driving efficiencies in our marketing investments, while continuing to acquire high spending, high quality Card Members. Operating expenses increased 5 percent year-over-year, primarily driven by higher technology costs and compensation expense due to an increase in our colleague base to support business growth. We remain focused on driving operating expense efficiencies, while continuing to invest in our growth strategy.
During the quarter, we maintained our capital ratios within our target range of 10 to 11 percent and returned $1.6 billion of capital to our shareholders through share repurchases and dividends. We plan to continue to return to shareholders the excess capital we generate while supporting our balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.
In July, we signed a 10-year contract extension with Hilton Worldwide, which includes our existing cobrand, travel and merchant relationships, and we expect to continue to invest in this partnership going forward.
Our performance continues to give us confidence in our business model, and we remain committed to executing on our strategy to deliver sustainable and profitable long-term growth.
See “Certain Legislative, Regulatory and Other Developments” and “Risk Factors” for information on certain matters that could have a material adverse effect on our results of operations and financial condition.
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Results of Operations
The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and six months ended June 30, 2023 compared to the same periods in the prior year, as presented in the accompanying tables.
Consolidated Results of Operations
Table 2: Total Revenues Net of Interest Expense Summary
Three Months Ended
June 30,
Change
2023 vs. 2022
Six Months Ended
June 30,
Change
2023 vs. 2022
(Millions, except percentages)2023202220232022
Discount revenue$8,481 $7,873 $608 %$16,428 $14,708 $1,720 12 %
Net card fees
1,789 1,481 308 21 3,502 2,904 598 21 
Service fees and other revenue1,232 1,265 (33)(3)2,450 2,171 279 13 
Processed revenue447 416 31 867 788 79 10 
Total non-interest revenues11,949 11,035 914 23,247 20,571 2,676 13 
Total interest income4,775 2,799 1,976 71 9,191 5,319 3,872 73 
Total interest expense1,670 439 1,231 #3,103 760 2,343 #
Net interest income3,105 2,360 745 32 6,088 4,559 1,529 34 
Total revenues net of interest expense$15,054 $13,395 $1,659 12 %$29,335 $25,130 $4,205 17 %
# Denotes a variance of 100 percent or more
Total Revenues Net of Interest Expense
Discount revenue increased for both the three and six month periods, primarily driven by increases in billed business. See Tables 5 and 6 for more details on billed business performance.
Net card fees increased for both the three and six month periods, primarily driven by growth in our premium card portfolios.
Service fees and other revenue decreased for the three month period and increased for the six month period. The decrease in the three month period was primarily due to lower income from equity method investments, which in the prior period included a portion of the revenue allocated to a joint venture partner as described in Business development expense below, partially offset by an increase in foreign exchange-related revenues associated with Card Member cross-currency spending and growth in delinquency fees in the current period. The increase in the six month period was primarily driven by foreign exchange-related revenues associated with Card Member cross-currency spending and growth in delinquency fees.
Processed revenue increased for both the three and six month periods, primarily driven by increases in processed volumes. See Tables 5 and 6 for more details on processed volume performance.
Interest income increased for both the three and six month periods, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased for both the three and six month periods, primarily driven by higher interest rates paid on customer deposits.
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Table 3: Provisions for Credit Losses Summary
Three Months Ended
June 30,
Change
2023 vs. 2022
Six Months Ended
June 30,
Change
2023 vs. 2022
(Millions, except percentages)2023202220232022
Card Member loans
Net write-offs
$597 $247 $350 # %$1,083 $462 $621 # %
Reserve build (release) (a)
326 25 301 #626 (301)927 #
Total
923 272 651 #1,709 161 1,548 #
Card Member receivables
Net write-offs
243 95 148 #473 162 311 #
Reserve (release) build (a)
(13)43 (56)#(21)56 (77)#
Total
230 138 92 67452 218 234 #
Other
Net write-offs - Other loans (b)
28 24 #44 38 #
Net write-offs - Other receivables (c)
3 (3)(50)6 (3)(33)
Reserve build (release) - Other loans (a)(b)
15 (10)25 #39 (14)53 #
Reserve build (release) - Other receivables (a)(c)
(1)— (1)3 (3)#
Total
45 — 45 92 (2)94 #
Total provisions for credit losses$1,198 $410 $788 # %$2,253 $377 $1,876 # %
# Denotes a variance of 100 percent or more
(a)Refer to the “Glossary of Selected Terminology” for a definition of reserve build (release).
(b)Relates to Other loans of $6.3 billion and $5.4 billion, less reserves of $98 million and $59 million, as of June 30, 2023 and December 31, 2022, respectively, and $4.0 billion and $2.9 billion, less reserves of $38 million and $52 million, as of June 30, 2022 and December 31, 2021, respectively.
(c)Relates to Other receivables included in Other assets on the Consolidated Balance Sheets of $3.1 billion and $3.1 billion, less reserves of $24 million and $22 million, as of June 30, 2023 and December 31, 2022, respectively, and $3.0 billion and $2.7 billion, less reserves of $23 million and $25 million, as of June 30, 2022 and December 31, 2021, respectively.
Provisions for Credit Losses
Card Member loans provision for credit losses increased for the three month period, primarily due to higher net write-offs and a higher reserve build in the current period. The reserve build in the current period was primarily driven by an increase in loans outstanding. The reserve build in the prior period was driven by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook at that time, partially offset by improved portfolio quality. Card Member loans provision for credit losses increased for the six month period, primarily due to a reserve build in the current period, versus a reserve release in the prior period, and higher net write-offs. The reserve build in the current period was primarily driven by an increase in loans outstanding and higher delinquencies. The reserve release in the prior period was primarily driven by improved portfolio quality and a reduction in COVID-19 pandemic-driven reserves, partially offset by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook at that time.
Card Member receivables provision for credit losses increased for both the three and six month periods, primarily due to higher net write-offs, partially offset by reserve releases in the current periods versus reserve builds in the prior periods. The reserve releases in the current periods were primarily driven by lower delinquencies, partially offset by increases in receivables outstanding. The reserve build in the prior three month period was driven by an increase in receivables outstanding and a slight deterioration in the macroeconomic outlook at that time, partially offset by improved portfolio quality. The reserve build in the prior six month period was primarily driven by an increase in receivables outstanding and higher delinquencies.
Other provision for credit losses increased for both the three and six month periods, primarily due to reserve builds in the current periods, versus reserve releases in the prior periods, and higher net write-offs. The reserve builds in the current periods were primarily driven by increases in other loans outstanding. The reserve releases in the prior periods were driven by an improvement in credit performance, partially offset by higher other loans outstanding.
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Table 4: Expenses Summary
Three Months Ended
June 30,
Change
2023 vs. 2022
Six Months Ended
June 30,
Change
2023 vs. 2022
(Millions, except percentages)2023202220232022
Card Member rewards$3,956 $3,591 $365 10 %$7,722 $6,702 $1,020 15 %
Business development1,388 1,404 (16)(1)2,781 2,447 334 14 
Card Member services949 678 271 40 1,932 1,304 628 48 
Marketing1,408 1,502 (94)(6)2,749 2,726 23 
Salaries and employee benefits1,875 1,816 59 3,889 3,470 419 12 
Other, net1,546 1,451 95 3,108 2,849 259 
Total expenses$11,122 $10,442 $680 %$22,181 $19,498 $2,683 14 %
Expenses
Card Member rewards expense increased for both the three and six month periods, primarily driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $195 million and $641 million, and cobrand rewards expense of $170 million and $378 million for the three and six month periods, respectively, all of which were primarily driven by higher billed business. The increases in Membership Rewards expense for the current periods were also driven by a larger proportion of spend in categories that earn higher levels of rewards.
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) at both June 30, 2023 and 2022.
Business development expense decreased for the three month period and increased for the six month period. The decrease in the three month period was primarily due to a prior-year charge related to revenue allocated to a joint venture partner, partially offset by increased partner payments in the current period driven by higher network volumes. The increase in the six month period was primarily due to increased partner payments driven by higher network volumes.
Card Member services expense increased for both the three and six month periods, primarily due to higher usage of travel-related benefits.
Marketing expense decreased for the three month period and increased for the six month period, reflecting relatively consistent levels of year-over-year spending on card acquisitions and other growth initiatives for the six month period.

Salaries and employee benefits expense increased for both the three and six month periods, primarily driven by higher compensation costs reflecting an increase in our colleague base to support business growth and higher deferred compensation expenses, partially offset by lower incentive compensation expenses.
Other expenses increased for both the three and six month periods. The increase in the three month period was primarily driven by higher technology costs and an increase in non-income tax reserves. The increase in the six month period was primarily driven by higher technology costs and higher net losses on Amex Ventures investments.
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Income Taxes
The effective tax rate was 20.5 percent and 22.8 percent for the three months ended June 30, 2023 and 2022, respectively, and 18.6 percent and 22.7 percent for the six months ended June 30, 2023 and 2022, respectively. The lower effective tax rates for the three and six month periods were primarily driven by discrete tax benefits, which included, for the six month period, the resolution of certain prior-year tax items.
Table 5: Selected Card-Related Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2023
vs.
2022
As of or for the
Six Months Ended
June 30,
Change
2023
vs.
2022
2023202220232022
Network volumes (billions)
$426.6$394.8%$825.5$745.111 %
Billed business$368.1$340.9$713.6$641.911 
Processed volumes$58.5$53.9$111.9$103.2
Cards-in-force (millions)
137.9127.5137.9127.5
Proprietary cards-in-force79.374.279.374.2
Basic cards-in-force (millions)
116.0106.1116.0106.1
Proprietary basic cards-in-force61.056.961.056.9
Average proprietary basic Card Member spending (dollars)
$6,075$6,052— $11,869$11,512
Average fee per card (dollars)(a)
$91$8112 %$90$8013 %
Discount revenue as a % of Billed business2.30%2.31%2.30%2.29%
(a)Average fee per card is computed on an annualized basis based on proprietary Net card fees divided by average proprietary total cards-in-force.
Table 6: Network Volumes-Related Statistical Information
Three Months Ended
June 30, 2023
Six Months Ended
June 30, 2023
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Network volumes8 %9 %11 %12 %
Total billed business8 8 11 12 
U.S. Consumer Services10 13 
Commercial Services2 2 6 6 
International Card Services15 17 18 23 
Processed volumes9 13 8 14 
Merchant industry billed business metrics
G&S spend (73% and 72% of billed business for the three and six months ended June 30, 2023, respectively)
6 6 7 8 
T&E spend (27% and 28% of billed business for the three and six months ended June 30, 2023, respectively)
14 14 24 25 
Airline spend (7% of billed business for both the three and six months ended June 30, 2023)
12 %12 %31 %33 %
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
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Table 7: Selected Credit-Related Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2023
vs.
2022
As of or for the
Six Months Ended
June 30,
Change
2023
vs.
2022
(Millions, except percentages and where indicated)2023202220232022
Card Member loans and receivables:
Net write-off rate — principal, interest and fees (a)
2.0 %0.9 %1.9 %0.9 %
Net write-off rate — principal only - consumer and small business (a)(b)
1.8 %0.8 %1.7 %0.8 %
30+ days past due as a % of total - consumer and small business (c)
1.2 %0.7 %1.2 %0.7 %
Card Member loans:
Card Member loans (billions)
$114.6$95.420 %$114.6$95.420 %
Credit loss reserves:
Beginning balance
$4,053$2,98136 $3,747$3,30513 
Provisions - principal, interest and fees923272#1,709161#
Net write-offs — principal less recoveries(490)(192)#(887)(357)#
Net write-offs — interest and fees less recoveries(107)(55)95 (196)(105)87 
Other (d)
11(9)#17(7)#
Ending balance$4,390$2,99746 $4,390$2,99746 
% of loans3.8 %3.1 %3.8 %3.1 %
% of past due336 %441 %336 %441 %
Average loans (billions)
$112.4$92.422 $110.2$89.723 
Net write-off rate — principal, interest and fees (a)
2.1 %1.1 %2.0 %1.0 %
Net write-off rate — principal only (a)
1.7 %0.8 %1.6 %0.8 %
30+ days past due as a % of total
1.1 %0.7 %1.1 %0.7 %
Card Member receivables:
Card Member receivables (billions)
$58.2$56.0$58.2$56.0
Credit loss reserves:
Beginning balance$223$76#$229$64#
Provisions - principal and fees23013867452218#
Net write-offs — principal and fees less recoveries
(243)(95)#(473)(162)#
Other (d)
2(1)#
Ending balance$210$11976 %$210$11976 %
% of receivables0.4 %0.2 %0.4 %0.2 %
Net write-off rate — principal and fees (a)
1.7 %0.7 %1.6 %0.6 %
Net write-off rate — principal only - consumer and small business (a)(b)
1.9 %0.8 %1.9 %0.7 %
30+ days past due as a % of total - consumer and small business (c)
1.2 %0.8 %1.2 %0.8 %
# Denotes a variance of 100 percent or more
(a)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.
(b)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
(c)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 12 for 90+ days past billing metrics for corporate receivables.
(d)Other includes foreign currency translation adjustments.
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Table 8: Net Interest Yield on Average Card Member Loans
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions, except percentages and where indicated)2023202220232022
Net interest income$3,105$2,360$6,088$4,559
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
7282111,352369
Interest income not attributable to our Card Member loan portfolio (b)
(703)(167)(1,305)(272)
Adjusted net interest income (c)
$3,130$2,404$6,135$4,656
Average Card Member loans (billions)
$112.4$92.4$110.2$89.7
Net interest income divided by average Card Member loans (c)
11.1 %10.2 %11.1 %10.2 %
Net interest yield on average Card Member loans (c)
11.2 %10.4 %11.2 %10.5 %
(a)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(b)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(c)Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to “Glossary of Selected Terminology” for the definitions of these terms. 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. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. 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.
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Business Segment Results of Operations
As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 (the 2022 Form 10-K), we realigned our reportable operating segments to reflect organizational changes effective for the third quarter of 2022. Prior periods have been recast to conform to the new reportable operating segments. In addition, our U.S. travel and lifestyle services (TLS) results, which were previously reported within the U.S. Consumer Services (USCS) segment, are now reported within both the USCS and Commercial Services (CS) segments, allocated based on customer usage.
U.S. Consumer Services
Table 9: USCS Selected Income Statement Data
Three Months Ended
June 30,
Change
Six Months Ended
June 30,
Change
(Millions, except percentages)20232022
2023 vs. 2022
20232022
2023 vs. 2022
Revenues
Non-interest revenues$4,643$4,154$489 12 %$9,002$7,791$1,211 16 %
Interest income2,9341,8931,041 55 5,7093,6292,080 57 
Interest expense647136511 #1,198239959 #
Net interest income2,2871,757530 30 4,5113,3901,121 33 
Total revenues net of interest expense6,9305,9111,019 17 13,51311,1812,332 21 
Provisions for credit losses659192467 #1,243761,167 #
Total revenues net of interest expense after provisions for credit losses6,2715,719552 10 12,27011,1051,165 10 
Total expenses5,0214,446575 13 9,8908,3001,590 19 
Pretax segment income$1,250$1,273$(23)(2)%$2,380$2,805$(425)(15)%
# Denotes a variance of 100 percent or more
U.S. Consumer Services issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products.
TOTAL REVENUES NET OF INTEREST EXPENSE
Non-interest revenues increased for both the three and six month periods, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 10 percent and 14 percent for the three and six month periods, respectively, primarily driven by increases in U.S. consumer billed business. See Tables 5, 6 and 10 for more details on billed business performance.
Net card fees increased 23 percent and 25 percent for the three and six month periods, respectively, primarily driven by growth in our premium card portfolios.
Service fees and other revenue decreased 7 percent for the three month period and increased 10 percent for the six month period. The decrease in the three month period was primarily driven by the change in the allocation of TLS revenues described above. The increase in the six month period was primarily driven by higher travel commissions and fees from our consumer travel business, as well as growth in delinquency fees, partially offset by the aforementioned TLS revenue allocation change.
Interest income increased for both the three and six month periods, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased for both the three and six month periods, primarily driven by higher interest rates paid on customer deposits.
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PROVISIONS FOR CREDIT LOSSES
Card Member loans provision for credit losses increased for both the three and six month periods. The increase in the three month period was primarily due to higher net write-offs and a higher reserve build in the current period. The increase in the six month period was primarily due to a reserve build in the current period, versus a reserve release in the prior period, and higher net write-offs. The reserve builds in both current periods were primarily driven by increases in loans outstanding and, for the current six month period, by higher delinquencies. The reserve build in the prior three month period was primarily driven by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook at that time, partially offset by improved portfolio quality. The reserve release in the prior six month period was primarily driven by improved portfolio quality and a reduction in COVID-19 pandemic-driven reserves, partially offset by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook at that time.
Card Member receivables provision for credit losses increased for both the three and six month periods, primarily due to higher net write-offs, partially offset by reserve releases in the current periods versus reserve builds in the prior periods. The reserve releases in both current periods were primarily driven by lower delinquencies, partially offset by increases in receivables outstanding. The reserve build in the prior three month period was primarily driven by an increase in receivables outstanding and a slight deterioration in the macroeconomic outlook at that time, partially offset by improving portfolio quality. The reserve build in the prior six month period was primarily driven by an increase in receivables outstanding and higher delinquencies.
Other provision for credit losses increased for both the three and six month periods, primarily due to reserve builds in the current periods versus reserve releases in the prior periods and higher net write-offs. The reserve builds in the current periods were primarily driven by increases in other loans outstanding. The reserve releases in the prior periods were driven by an improvement in credit performance, partially offset by higher other loans outstanding.
EXPENSES
Total expenses increased for both the three and six month periods, primarily driven by higher Card Member rewards, Business development and Card Member services expenses, as well as an increase in allocated service costs.
Card Member rewards expense increased for both the three and six month periods, primarily driven by higher billed business.
Business development expense increased for both the three and six month periods, primarily due to increased partner payments driven by higher contractual rates and increases in billed business.
Card Member services expense increased for both the three and six month periods, primarily driven by higher usage of travel-related benefits.
Marketing expense decreased for the three month period and remained flat for the six month period with relatively consistent levels of spending on card acquisitions and other growth initiatives year-over-year for the six month period.
Salaries and employee benefits and other expenses increased for both the three and six month periods, primarily due to an increase in allocated service costs.
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Table 10: USCS Selected Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2023
vs.
2022
As of or for the
Six Months Ended
June 30,
Change
2023
vs.
2022
(Millions, except percentages and where indicated)2023202220232022
Billed business (billions)
$155.4$141.110 %$297.6$263.713 %
Proprietary cards-in-force43.240.343.240.3
Proprietary basic cards-in-force30.228.330.228.3
Average proprietary basic Card Member spending (dollars)
$5,181$5,028$10,005$9,480
Total segment assets (billions)
$94.9$82.415 $94.9$82.415 
Card Member loans:
Total loans (billions)
$75.6$63.719 $75.6$63.719 
Average loans (billions)
$74.2$61.620 $73.1$60.022 
Net write-off rate — principal, interest and fees (a)
2.1 %1.1 %2.0 %1.1 %
Net write-off rate — principal only (a)
1.7 %0.8 %1.6 %0.8 %
30+ days past due as a % of total1.1 %0.7 %1.1 %0.7 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$2,287$1,757$4,511$3,390
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
44268060
Interest income not attributable to our Card Member loan portfolio (c)
(91)(52)(173)(94)
Adjusted net interest income (d)
$2,240$1,731$4,418$3,356
Average Card Member loans (billions)
$74.2$61.6$73.1$59.9
Net interest income divided by average Card Member loans (d)
12.4 %11.4 %12.4 %11.4 %
Net interest yield on average Card Member loans (d)
12.1 %11.3 %12.2 %11.3 %
Card Member receivables:
Total receivables (billions)
$13.7$13.8(1)%$13.7$13.8(1)%
Net write-off rate — principal and fees (a)
1.3 %0.5 %1.3 %0.4 %
Net write-off rate — principal only (a)
1.2 %0.5 %1.2 %0.4 %
30+ days past due as a % of total0.8 %0.6 %0.8 %0.6 %
(a)Refer to Table 7 footnote (a).
(b)Refer to Table 8 footnote (a).
(c)Refer to Table 8 footnote (b).
(d)Refer to Table 8 footnote (c).
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Commercial Services
Table 11: CS Selected Income Statement Data
Three Months Ended
June 30,
Change
2023 vs. 2022
Six Months Ended
June 30,
Change
2023 vs. 2022
(Millions, except percentages)2023202220232022
Revenues
Non-interest revenues$3,301$3,122$179 %$6,408$5,841$567 10 %
Interest income792468324 69 1,498883615 70 
Interest expense364121243 #685208477 #
Net interest income42834781 23 813675138 20 
Total revenues net of interest expense3,7293,469260 7,2216,516705 11 
Provisions for credit losses33997242 #62298524 #
Total revenues net of interest expense after provisions for credit losses3,3903,37218 6,5996,418181 
Total expenses2,6772,59483 5,2564,859397 
Pretax segment income$713$778$(65)(8)%$1,343$1,559$(216)(14)%
# Denotes a variance of 100 percent or more
Commercial Services issues a wide range of proprietary corporate and small business cards and provides services to U.S. businesses, including payment and expense management, banking and non-card financing products. CS also issues proprietary corporate cards and provides services to select global corporate clients.
TOTAL REVENUES NET OF INTEREST EXPENSE
Non-interest revenues increased for both the three and six month periods, primarily driven by higher Discount revenue and Service fees and other revenue.
Discount revenue increased 2 percent and 7 percent for the three and six month periods, respectively, primarily driven by increases in commercial billed business. See Tables 5, 6 and 12 for more details on billed business performance.
Net card fees increased 20 percent and 21 percent for the three and six month periods, respectively, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 82 percent and 66 percent for the three and six month periods, respectively, primarily driven by the change in the allocation of TLS revenues described above, as well as growth in delinquency fees.
Interest income increased for both the three and six month periods, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased for both the three and six month periods, primarily driven by higher interest rates paid on customer deposits.
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PROVISIONS FOR CREDIT LOSSES
Card Member loans provision for credit losses increased for both the three and six month periods. The increase in the three month period was primarily due to a reserve build in the current period and higher net write-offs. The increase in the six month period was primarily due to a reserve build in the current period, versus a reserve release in the prior period, and higher net write-offs. The reserve build in the current three month period was primarily driven by an increase in loans outstanding. The reserve build in the current six month period was primarily driven by an increase in loans outstanding and higher delinquencies. The reserve release in the prior six month period was primarily driven by improved portfolio quality and a reduction in COVID-19 pandemic-driven reserves, partially offset by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook at that time.
Card Member receivables provision for credit losses increased for both the three and six month periods, primarily due to higher net write-offs, partially offset by reserve releases in the current periods, versus reserve builds in the prior periods. The reserve releases in both current periods were primarily driven by lower delinquencies, partially offset by an increase in receivables outstanding. The reserve build in the prior three month period was primarily driven by an increase in receivables outstanding and a slight deterioration in the macroeconomic outlook at that time, partially offset by improved portfolio quality. The reserve build in the prior six month period was primarily driven by an increase in receivables outstanding and higher delinquencies.
Other provision for credit losses increased for both the three and six month periods, primarily due to higher net write-offs and higher reserve builds in the current periods. The reserve builds in the current periods were primarily driven by increases in other loans outstanding.
EXPENSES
Total expenses increased for both the three and six month periods. The increase in the three month period was primarily driven by an increase in allocated service costs. The increase in the six month period was primarily driven by higher Card Member rewards and Card Member services expenses, as well as an increase in allocated service costs.
Card Member rewards expense remained flat for the three month period and increased for the six month period. The increase in the six month period was primarily due to a larger proportion of spend in categories that earn higher levels of rewards, as well as higher billed business, which was offset in the three month period by a revaluation of a certain category of points.
Business development expense remained flat for the three month period and increased for the six month period. The increase in the six month period was primarily due to increased client incentive and partner payments driven by higher billed business, which was offset in the three month period by lower contractual rates.
Card Member services expense increased for both the three and six month periods, primarily driven by higher usage of travel-related benefits.
Marketing expense increased for the six month period driven by higher levels of spending on card acquisitions and other growth initiatives, which was partially offset in the three month period by lower levels of investment spend.
Salaries and employee benefits and other expenses increased for both the three and six month periods, primarily due to an increase in allocated service costs.
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Table 12: CS Selected Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2023
vs
2022
As of or for the
Six Months Ended
June 30,
Change
2023
vs
2022
(Millions, except percentages and where indicated)2023202220232022
Billed business (billions)
$130.2$127.9%$255.2$241.5%
Proprietary cards-in-force15.414.215.414.2
Average Card Member spending (dollars)
$8,490$9,146(7)$16,775$17,526(4)
Total segment assets (billions)
$54.3$49.410 $54.3$49.410 
Card Member loans:
Total loans (billions)
$23.8$19.423 $23.8$19.423 
Average loans (billions)
$23.5$18.825 $22.8$17.927 
Net write-off rate — principal, interest and fees (a)
1.9 %0.8 %1.7 %0.7 %
Net write-off rate — principal only (a)
1.6 %0.6 %1.4 %0.6 %
30+ days past due as a % of total1.2 %0.6 %1.2 %0.6 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$428$347$813$675
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
17885340148
Interest income not attributable to our Card Member loan portfolio (c)
(46)(18)(84)(34)
Adjusted net interest income (d)
$560$414$1,069$789
Average Card Member loans (billions)
$23.5$18.8$22.8$17.9
Net interest income divided by average Card Member loans (d)
7.3 %7.4 %7.2 %7.6 %
Net interest yield on average Card Member loans (d)
9.6 %8.8 %9.5 %8.9 %
Card Member receivables:
Total receivables (billions)
$27.2$27.1— %$27.2$27.1— %
Net write-off rate — principal and fees (e)
1.5 %0.6 %1.5 %0.5 %
Net write-off rate — principal only (a) - small business
2.1 %0.7 %2.1 %0.6 %
30+ days past due as a % of total - small business
1.7 %0.9 %1.7 %0.9 %
90+ days past billing as a % of total (e) - corporate
0.5 %0.4 %0.5 %0.4 %
(a)Refer to Table 7 footnote (a).
(b)Refer to Table 8 footnote (a).
(c)Refer to Table 8 footnote (b).
(d)Refer to Table 8 footnote (c).
(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. Corporate receivables 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.
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International Card Services
Table 13: ICS Selected Income Statement Data
Three Months Ended
June 30,
Change
Six Months Ended
June 30,
Change
(Millions, except percentages)20232022
2023 vs. 2022
20232022
2023 vs. 2022
Revenues
Non-interest revenues$2,349$2,140$209 10 %$4,616$3,999$617 15 %
Interest income497347150 43 964671293 44 
Interest expense261144117 81 485267218 82 
Net interest income23620333 16 47940475 19 
Total revenues net of interest expense2,5852,343242 10 5,0954,403692 16 
Provisions for credit losses19811682 71 379198181 91 
Total revenues net of interest expense after provisions for credit losses2,3872,227160 4,7164,205511 12 
Total expenses2,1342,04490 4,2743,778496 13 
Pretax segment income$253$183$70 38 %$442$427$15 %
International Card Services (ICS) issues a wide range of proprietary consumer, small business and corporate cards outside the United States. ICS also provides services to our international customers, including travel and lifestyle services, and manages certain international joint ventures and our loyalty coalition businesses.
TOTAL REVENUES NET OF INTEREST EXPENSE
Non-interest revenues increased for both the three and six month periods, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 15 percent and 19 percent for the three and six month periods, respectively (17 percent and 23 percent on an FX-adjusted basis), primarily reflecting increases in billed business.1 See Tables 5, 6 and 14 for more details on billed business performance.
Net card fees increased 17 percent and 13 percent for the three and six month periods, respectively (19 percent and 18 percent on an FX-adjusted basis), primarily driven by growth in our premium card portfolios.1
Service fees and other revenue decreased 9 percent for the three month period and increased 10 percent for the six month period. The decrease in the three month period was primarily due to higher income from equity method investments in the prior period, which was partially driven by a joint venture partner revenue allocation as described in Business development expense below, partially offset by foreign exchange-related revenues associated with Card Member cross-currency spending and growth in delinquency fees. The increase in the six month period was primar