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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 September 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 October 17, 2023
Common Shares (par value $0.20 per share)728,745,577 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
September 30,
Change
2023 vs. 2022
As of or for the Nine Months Ended
September 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$15,381$13,556$1,825 13 %$44,716$38,686$6,030 16 %
Provisions for credit losses1,233778455 58 3,4861,1552,331 #
Total expenses11,04810,319729 33,22929,8173,412 11 
Pretax income3,1002,459641 26 8,0017,714287 
Income tax provision64958069 12 1,5601,772(212)(12)
Net income2,4511,879572 30 6,4415,942499 
Earnings per common share — diluted (a)
$3.30$2.47$0.83 34 %$8.59$7.77$0.82 11 %
Common Share Statistics (b)
Cash dividends declared per common share$0.60$0.52$0.08 15 %$1.80$1.56$0.24 15 %
Average common shares outstanding:
Basic732748(16)(2)%738752(14)(2)%
Diluted733749(16)(2)%739753(14)(2)%
Selected Metrics and Ratios
Network volumes (Billions)
$420.2$394.4$26 %$1,245.7$1,139.5$106 %
Return on average equity (c)
36.3 %31.9 %32.8 %34.5 %
Net interest income divided by average Card Member loans11.7 %10.5 %11.3 %10.3 %
Net interest yield on average Card Member loans (d)
11.7 %10.8 %11.4 %10.6 %
Effective tax rate20.9 %23.6 %19.5 %23.0 %
Common Equity Tier 1 10.7 %10.6 %10.7 %10.6 %
Selected Balance Sheet Data
Cash and cash equivalents$43,908$31,182$12,726 41 %$43,908$31,182$12,726 41 %
Card Member receivables58,82555,2753,550 58,82555,2753,550 
Card Member loans117,97899,03818,940 19 117,97899,03818,940 19 
Customer deposits124,439103,46320,976 20 124,439103,46320,976 20 
Long-term debt$46,447$42,393$4,054 10 %$46,447$42,393$4,054 10 %
# Denotes a variance of 100 percent or more
(a)Represents net income, less (i) earnings allocated to participating share awards of $19 million and $14 million for the three months ended September 30, 2023 and 2022, respectively, and $50 million and $45 million for the nine months ended September 30, 2023 and 2022, respectively, and (ii) dividends on preferred shares of $14 million for both the three months ended September 30, 2023 and 2022, and $43 million for both the nine months ended September 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 third quarter reflect the continued momentum we have built in our business. Card Member spending, new account acquisitions and credit performance demonstrate the strength of our differentiated business model, which drove net income of $2.5 billion, or $3.30 per share, for the third quarter, compared with net income of $1.9 billion, or $2.47 per share, a year ago.
Worldwide network volumes for the third quarter increased 7 percent compared to the prior year. Billed business, which represented 87 percent of our total network volumes and is the most significant driver of our financial results, increased 8 percent year-over-year. Goods & Services (G&S) spend increased 6 percent year-over-year, and Travel & Entertainment (T&E) spend grew by 13 percent, reflecting continued demand for travel and dining experiences across geographies and customer types. U.S. Consumer Services billed business grew by 9 percent year-over-year, with the largest portion of this growth coming from our Millennial and Gen-Z Card Members. International Card Services billed business grew by 18 percent year-over-year (15 percent on an FX-adjusted basis1), 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 1 percent on a year-over-year basis, reflecting continued slow growth from U.S. small and mid-sized enterprise (SME) Card Members and flat year-over-year billings for U.S. large and global corporate clients.
Total revenues net of interest expense increased 13 percent year-over-year. The growth in billed business drove a 7 percent increase in Discount revenue, our largest revenue line. Net card fees increased 20 percent year-over-year, reflecting the high levels of new card acquisition and Card Member retention over the past several quarters, as well as our cycle of product refreshes. Net interest income increased 34 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, primarily driven by higher net write-offs, as write-off rates were near historic lows in the prior-year period, and reflected the strong growth in total loans and Card Member receivables, partially offset by a lower net reserve build in the current period. Net write-off and delinquency rates remained best-in-class, supported by our premium global customer base and our strong focus on risk management.
Card Member rewards, Card Member services and Business development expenses are generally correlated to volumes or are variable based on usage and increased year-over-year primarily due to network volume growth and higher usage of travel-related benefits. Marketing expense decreased 15 percent for the three month period, due to management decisions impacting the timing of spend on customer acquisition and engagement through the full year. We continue to invest in acquiring high spending, high quality Card Members while driving efficiencies in marketing spend. Operating expenses increased 10 percent year-over-year, primarily driven by higher compensation expense and technology costs to support business growth. We remain focused on driving operating expense efficiencies, while continuing to invest in our growth strategy.
During the third quarter, we maintained our capital ratios within our current target range of 10 to 11 percent and returned $1.7 billion of capital to our shareholders through share repurchases and common stock dividends. We plan to continue to return to shareholders the excess capital we generate while managing our CET1 capital ratio within our target range and supporting our balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.
While we recognize the uncertainty of the geopolitical and macroeconomic environment, 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.
1The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency 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). FX-adjusted revenues is a non-GAAP measure. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
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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 nine months ended September 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
September 30,
Change
2023 vs. 2022
Nine Months Ended
September 30,
Change
2023 vs. 2022
(Millions, except percentages)2023202220232022
Discount revenue$8,408 $7,848 $560 %$24,836 $22,556 $2,280 10 %
Net card fees
1,846 1,541 305 20 5,348 4,445 903 20 
Service fees and other revenue1,261 1,169 92 3,711 3,340 371 11 
Processed revenue424 420 1,291 1,208 83 
Total non-interest revenues11,939 10,978 961 35,186 31,549 3,637 12 
Total interest income5,240 3,374 1,866 55 14,431 8,693 5,738 66 
Total interest expense1,798 796 1,002 #4,901 1,556 3,345 #
Net interest income3,442 2,578 864 34 9,530 7,137 2,393 34 
Total revenues net of interest expense$15,381 $13,556 $1,825 13 %$44,716 $38,686 $6,030 16 %
# Denotes a variance of 100 percent or more
Total Revenues Net of Interest Expense
Discount revenue increased for both the three and nine 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 nine month periods, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased for both the three and nine month periods, primarily due to foreign exchange related revenues associated with Card Member cross-currency spending and growth in delinquency fees.
Processed revenue increased for both the three and nine month periods, primarily driven by increases in network partner volumes, partially offset for the three month period by a decrease in volumes associated with the decommission of one of our alternative payment solutions. See Tables 5 and 6 for more details on processed volume performance.
Interest income increased for both the three and nine month periods, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased for both the three and nine 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
September 30,
Change
2023 vs. 2022
Nine Months Ended
September 30,
Change
2023 vs. 2022
(Millions, except percentages)2023202220232022
Card Member loans
Net write-offs
$639 $259 $380 # %$1,722 $721 $1,001 # %
Reserve build (release) (a)
343 337 969 36 933 #
Total
982 596 386 65 2,691 757 1,934 #
Card Member receivables
Net write-offs
241 122 119 98 714 284 430 #
Reserve (release) build (a)
(35)43 (78)#(56)99 (155)#
Total
206 165 41 25 658 383 275 72
Other
Net write-offs - Other loans (b)
29 23 #73 12 61 #
Net write-offs - Other receivables (c)
3 (1)(25)10 13 (3)(23)
Reserve build (release) - Other loans (a)(b)
10 25 49 (6)55 #
Reserve build (release) - Other receivables (a)(c)
3 (1)#5 (4)#
Total
45 17 28 #137 15 122 #
Total provisions for credit losses$1,233 $778 $455 58 %$3,486 $1,155 $2,331 # %
# 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 $6.6 billion and $5.4 billion, less reserves of $108 million and $59 million, as of September 30, 2023 and December 31, 2022, respectively, and $4.8 billion and $2.9 billion, less reserves of $46 million and $52 million, as of September 30, 2022 and December 31, 2021, respectively.
(c)Relates to Other receivables included in Other assets on the Consolidated Balance Sheets of $4.4 billion and $3.1 billion, less reserves of $27 million and $22 million, as of September 30, 2023 and December 31, 2022, respectively, and $3.0 billion and $2.7 billion, less reserves of $22 million and $25 million, as of September 30, 2022 and December 31, 2021, respectively.
Provisions for Credit Losses
Card Member loans provision for credit losses increased for both the three and nine 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 loans outstanding and higher delinquencies. The reserve builds in the prior periods were primarily driven by increases in loans outstanding and deterioration in the macroeconomic outlook at that time, partially offset, for the prior nine month period, by a reduction in COVID-19 pandemic-driven reserves.
Card Member receivables provision for credit losses increased for both the three and nine 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. The reserve builds in the prior periods were primarily driven by higher delinquencies and, for the prior nine month period, an increase in receivables outstanding.
Other provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs and reserve builds in the current periods. The reserve builds in the current periods were primarily driven by increases in other loans outstanding.
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Table 4: Expenses Summary
Three Months Ended
September 30,
Change
2023 vs. 2022
Nine Months Ended
September 30,
Change
2023 vs. 2022
(Millions, except percentages)2023202220232022
Card Member rewards$3,794 $3,571 $223 %$11,516 $10,273 $1,243 12 %
Business development1,393 1,194 199 17 4,174 3,641 533 15 
Card Member services973 774 199 26 2,905 2,078 827 40 
Marketing1,236 1,458 (222)(15)3,985 4,184 (199)(5)
Salaries and employee benefits2,047 1,748 299 17 5,936 5,218 718 14 
Other, net1,605 1,574 31 4,713 4,423 290 
Total expenses$11,048 $10,319 $729 %$33,229 $29,817 $3,412 11 %
Expenses
Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $50 million and $691 million, and cobrand rewards expense of $174 million and $552 million for the three and nine month periods, respectively, all of which were primarily driven by higher billed business, partially offset in the three month period by the impact of changes in expected redemption behavior associated with certain products.
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) at both September 30, 2023 and 2022.
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments driven by higher contractual rates and network volumes.
Card Member services expense increased for both the three and nine month periods, primarily due to higher usage of travel-related benefits.
Marketing expense decreased for both the three and nine month periods, reflecting lower levels of spending on customer acquisitions and other growth initiatives.
Salaries and employee benefits expense increased for both the three and nine month periods, primarily driven by higher compensation costs reflecting an increase in our colleague base to support business growth, with the three month period also driven by higher incentive compensation expenses.
Other expenses increased for both the three and nine month periods, primarily driven by higher technology costs and, for the nine month period, higher net losses on Amex Ventures investments.
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Income Taxes
The effective tax rate was 20.9 percent and 23.6 percent for the three months ended September 30, 2023 and 2022, respectively, and 19.5 percent and 23.0 percent for the nine months ended September 30, 2023 and 2022, respectively. The lower effective tax rates for the three and nine month periods primarily reflected discrete tax benefits in the current periods and changes in the geographic mix of income.
Table 5: Selected Card-Related Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2023
vs.
2022
As of or for the
Nine Months Ended
September 30,
Change
2023
vs.
2022
2023202220232022
Network volumes (billions)
$420.2$394.4%$1,245.7$1,139.5%
Billed business$366.2$339.0$1,079.8$980.910 
Processed volumes$54.0$55.4(3)$165.9$158.6
Cards-in-force (millions)
138.2131.4138.2131.4
Proprietary cards-in-force79.675.679.675.6
Basic cards-in-force (millions)
115.9109.9115.9109.9
Proprietary basic cards-in-force61.258.261.258.2
Average proprietary basic Card Member spending (dollars)
$6,000$5,886$17,879$17,399
Average fee per card (dollars)(a)
$93$8213 %$91$8112 %
Discount revenue as a % of Billed business2.30%2.32%2.30%2.30%
(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
September 30, 2023
Nine Months Ended
September 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 volumes7 %6 %9 %10 %
Total billed business8 7 10 10 
U.S. Consumer Services9 12 
Commercial Services1 1 4 4 
International Card Services18 15 18 20 
Processed volumes(3)(1)5 9 
Merchant industry billed business metrics
G&S spend (73% and 72% of billed business for the three and nine months ended September 30, 2023, respectively)
6 6 7 7 
T&E spend (27% and 28% of billed business for the three and nine months ended September 30, 2023, respectively)
13 13 20 21 
Airline spend (6% and 7% of billed business for the three and nine months ended September 30, 2023, respectively)
13 %12 %25 %25 %
(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
September 30,
Change
2023
vs.
2022
As of or for the
Nine Months Ended
September 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 %1.0 %1.9 %0.9 %
Net write-off rate — principal only - consumer and small business (a)(b)
1.8 %0.9 %1.7 %0.8 %
30+ days past due as a % of total - consumer and small business (c)
1.2 %0.9 %1.2 %0.9 %
Card Member loans:
Card Member loans (billions)
$118.0$99.019 %$118.0$99.019 %
Credit loss reserves:
Beginning balance
$4,390$2,99746 $3,747$3,30513 
Provisions - principal, interest and fees98259665 2,691757#
Net write-offs — principal less recoveries(525)(203)#(1,412)(560)#
Net write-offs — interest and fees less recoveries(114)(56)#(310)(161)93 
Other (d)
(12)(15)20 5(22)#
Ending balance$4,721$3,31942 $4,721$3,31942 
% of loans4.0 %3.4 %4.0 %3.4 %
% of past due316 %393 %316 %393 %
Average loans (billions)
$116.6$97.719 $112.4$92.322 
Net write-off rate — principal, interest and fees (a)
2.2 %1.1 %2.0 %1.0 %
Net write-off rate — principal only (a)
1.8 %0.8 %1.7 %0.8 %
30+ days past due as a % of total
1.3 %0.9 %1.3 %0.9 %
Card Member receivables:
Card Member receivables (billions)
$58.8$55.3$58.8$55.3
Credit loss reserves:
Beginning balance$210$11976 $229$64#
Provisions - principal and fees20616525 65838372 
Net write-offs — principal and fees less recoveries
(241)(122)98 (714)(284)#
Other (d)
(1)(3)67 1(4)#
Ending balance$174$159%$174$159%
% of receivables0.3 %0.3 %0.3 %0.3 %
Net write-off rate — principal and fees (a)
1.7 %0.9 %1.7 %0.7 %
Net write-off rate — principal only - consumer and small business (a)(b)
1.9 %1.0 %1.9 %0.8 %
30+ days past due as a % of total - consumer and small business (c)
1.1 %1.1 %1.1 %1.1 %
# 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
September 30,
Nine Months Ended
September 30,
(Millions, except percentages and where indicated)2023202220232022
Net interest income$3,442$2,578$9,530$7,137
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
7703742,122743
Interest income not attributable to our Card Member loan portfolio (b)
(767)(300)(2,072)(572)
Adjusted net interest income (c)
$3,445$2,652$9,580$7,308
Average Card Member loans (billions)
$116.6$97.7$112.4$92.3
Net interest income divided by average Card Member loans (c)
11.7 %10.5 %11.3 %10.3 %
Net interest yield on average Card Member loans (c)
11.7 %10.8 %11.4 %10.6 %
(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
Effective as of the second quarter of 2023, 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
September 30,
Change
Nine Months Ended
September 30,
Change
(Millions, except percentages)20232022
2023 vs. 2022
20232022
2023 vs. 2022
Revenues
Non-interest revenues$4,680$4,233$447 11 %$13,682$12,024$1,658 14 %
Interest income3,2282,251977 43 8,9375,8803,057 52 
Interest expense700274426 #1,8985131,385 #
Net interest income2,5281,977551 28 7,0395,3671,672 31 
Total revenues net of interest expense7,2086,210998 16 20,72117,3913,330 19 
Provisions for credit losses752403349 87 1,9954791,516 #
Total revenues net of interest expense after provisions for credit losses6,4565,807649 11 18,72616,9121,814 11 
Total expenses4,8724,498374 14,76212,7981,964 15 
Pretax segment income$1,584$1,309$275 21 %$3,964$4,114$(150)(4)%
# 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 nine month periods, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 9 percent and 12 percent for the three and nine 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 20 percent and 23 percent for the three and nine month periods, respectively, primarily driven by growth in our premium card portfolios.
Service fees and other revenue was flat for the three month period and increased 6 percent for the nine month period. The increase in the nine 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 change in the allocation of TLS revenues described above, which wholly offset the increase in revenues for the three month period.
Interest income increased for both the three and nine month periods, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased for both the three and nine month periods, primarily driven by a higher cost of funds.
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PROVISIONS FOR CREDIT LOSSES
Card Member loans provision for credit losses increased for both the three and nine 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 nine 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 the current periods were primarily driven by increases in loans outstanding and higher delinquencies. The reserve build in the prior three month period was driven by an increase in loans outstanding and deterioration in the macroeconomic outlook at that time. The reserve release in the prior nine month period was primarily driven by reduction in COVID-19 pandemic-driven reserves, partially offset by an increase in loans outstanding and deterioration in the macroeconomic outlook at that time.
Card Member receivables provision for credit losses increased for both the three and nine month periods. The increase in the three month period was primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The increase in the nine month period was primarily due to higher net write-offs, partially offset by a reserve release in the current period versus a reserve build in the prior period. The reserve build in the current three month period was primarily driven by higher delinquencies. The reserve release in the current nine month period was primarily driven by lower delinquencies. The reserve builds in the prior periods were primarily driven by higher delinquencies, partially offset in the prior three month period by a decrease in receivables outstanding.
EXPENSES
Total expenses increased for both the three and nine month periods. The increase in the three month period was primarily driven by higher Business development expense, as well as an increase in allocated service costs. The increase in the nine month period was primarily driven by higher Card Member rewards expense, an increase in allocated service costs and higher Card Member services expense.
Card Member rewards expense increased for both the three and nine month periods, primarily driven by higher billed business, partially offset by the impact of changes in expected redemption behavior associated with certain products.
Business development expense increased for both the three and nine 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 nine month periods, primarily driven by higher usage of travel-related benefits.
Marketing expense decreased for both the three and nine month periods, reflecting lower levels of spending on customer acquisitions and other growth initiatives.
Salaries and employee benefits and other expenses increased for both the three and nine 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
September 30,
Change
2023
vs.
2022
As of or for the
Nine Months Ended
September 30,
Change
2023
vs.
2022
(Millions, except percentages and where indicated)2023202220232022
Billed business (billions)
$153.5$140.3%$451.1$404.112 %
Proprietary cards-in-force43.441.243.441.2
Proprietary basic cards-in-force30.428.930.428.9
Average proprietary basic Card Member spending (dollars)
$5,062$4,908$15,072$14,387
Total segment assets (billions)
$98.2$84.816 $98.2$84.816 
Card Member loans:
Total loans (billions)
$77.7$66.317 $77.7$66.317 
Average loans (billions)
$77.1$65.318 $74.4$61.721 
Net write-off rate — principal, interest and fees (a)
2.2 %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 total1.3 %0.9 %1.3 %0.9 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$2,528$1,977$7,039$5,366
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
413412195
Interest income not attributable to our Card Member loan portfolio (c)
(101)(61)(274)(155)
Adjusted net interest income (d)
$2,468$1,950$6,886$5,306
Average Card Member loans (billions)
$77.1$65.3$74.4$61.7
Net interest income divided by average Card Member loans (d)
13.0 %12.0 %12.6 %11.6 %
Net interest yield on average Card Member loans (d)
12.7 %11.9 %12.4 %11.5 %
Card Member receivables:
Total receivables (billions)
$13.2$13.2— %$13.2$13.2— %
Net write-off rate — principal and fees (a)
1.3 %0.6 %1.3 %0.5 %
Net write-off rate — principal only (a)
1.2 %0.6 %1.2 %0.4 %
30+ days past due as a % of total0.9 %0.9 %0.9 %0.9 %
(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
September 30,
Change
2023 vs. 2022
Nine Months Ended
September 30,
Change
2023 vs. 2022
(Millions, except percentages)2023202220232022
Revenues
Non-interest revenues$3,257$3,145$112 %$9,665$8,986$679 %
Interest income881552329 60 2,3791,435944 66 
Interest expense391201190 95 1,076409667 #
Net interest income490351139 40 1,3031,026277 27 
Total revenues net of interest expense3,7473,496251 10,96810,012956 10 
Provisions for credit losses323196127 65 945294651 #
Total revenues net of interest expense after provisions for credit losses3,4243,300124 10,0239,718305 
Total expenses2,5722,52646 7,8287,385443 
Pretax segment income$852$774$78 10 %$2,195$2,333$(138)(6)%
# 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 nine month periods. The increase in the three month period was primarily driven by higher Service fees and other revenue, as well as higher Net Card fees. The increase in the nine month period was primarily driven by higher Discount revenue and Service fees and other revenue.
Discount revenue increased 1 percent and 5 percent for the three and nine 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 15 percent and 19 percent for the three and nine month periods, respectively, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 54 percent and 62 percent for the three and nine 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 nine month periods, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased for both the three and nine month periods, primarily driven by a higher cost of funds.
PROVISIONS FOR CREDIT LOSSES
Card Member loans provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs and higher reserve builds in the current periods. The reserve builds for the current periods were primarily driven by increases in loans outstanding and higher delinquencies. The reserve builds in the prior periods were primarily driven by increases in loans outstanding, deterioration in the macroeconomic outlook at that time and higher delinquencies. The reserve build in the prior nine month period was partially offset by reductions in COVID-19 pandemic-driven reserves.
Card Member receivables provision for credit losses increased for both the three and nine 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 driven by lower delinquencies and decreases in receivables outstanding. The reserve builds in the prior periods were primarily driven by higher delinquencies and, for the prior nine month period, an increase in receivables outstanding.
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EXPENSES
Total expenses increased for both the three and nine month periods, primarily driven by an increase in allocated service costs. The increase in the nine month period was also driven by higher Card Member rewards expense.
Card Member rewards expense was relatively flat for the three month period and increased for the nine month period. The increase in the nine month period was primarily driven by a larger proportion of spend in categories that earn higher levels of rewards, as well as higher billed business.
Business development expense was relatively flat for the three month period and increased for the nine month period. The increase in the nine month period was primarily due to increased partner payments, primarily driven by higher billed business.
Card Member services expense increased for both the three and nine month periods, primarily driven by higher usage of travel-related benefits.
Marketing expense decreased for both the three and nine month periods, reflecting lower levels of spending on customer acquisitions and other growth initiatives.
Salaries and employee benefits and other expenses increased for both the three and nine 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
September 30,
Change
2023
vs
2022
As of or for the
Nine Months Ended
September 30,
Change
2023
vs
2022
(Millions, except percentages and where indicated)2023202220232022
Billed business (billions)
$129.5$127.6%$384.7$369.0%
Proprietary cards-in-force15.414.615.414.6
Average Card Member spending (dollars)
$8,434$8,848(5)$25,234$26,377(4)
Total segment assets (billions)
$56.6$51.310 $56.6$51.310 
Card Member loans:
Total loans (billions)
$25.2$20.722 $25.2$20.722 
Average loans (billions)
$24.4$20.121 $23.3$18.725 
Net write-off rate — principal, interest and fees (a)
2.0 %0.8 %1.8 %0.8 %
Net write-off rate — principal only (a)
1.8 %0.7 %1.5 %0.6 %
30+ days past due as a % of total1.2 %0.7 %1.2 %0.7 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$490$351$1,303$1,026
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
185124525272
Interest income not attributable to our Card Member loan portfolio (c)
(55)(24)(139)(57)
Adjusted net interest income (d)
$620$451$1,689$1,241
Average Card Member loans (billions)
$24.4$20.1$23.3$18.7
Net interest income divided by average Card Member loans (d)
8.0 %6.9 %7.5 %7.4 %
Net interest yield on average Card Member loans (d)
10.1 %8.9 %9.7 %8.9 %
Card Member receivables:
Total receivables (billions)
$28.3$27.6%$28.3$27.6%
Net write-off rate — principal and fees (e)
1.5 %0.7 %1.5 %0.6 %
Net write-off rate — principal only (a) - small business
2.1 %0.9 %2.1 %0.7 %
30+ days past due as a % of total - small business
1.4 %1.4 %1.4 %1.4 %
90+ days past billing as a % of total (e) - corporate
0.4 %0.6 %0.4 %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).
(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
September 30,
Change
Nine Months Ended
September 30,
Change
(Millions, except percentages)20232022
2023 vs. 2022
20232022
2023 vs. 2022
Revenues
Non-interest revenues$2,390$2,066$324 16 %$7,006$6,065$941 16 %
Interest income538364174 48 1,5021,035467 45 
Interest expense285178107 60 770445325 73 
Net interest income25318667 36 732590142 24 
Total revenues net of interest expense2,6432,252391 17 7,7386,6551,083 16 
Provisions for credit losses154176(22)(13)533374159 43 
Total revenues net of interest expense after provisions for credit losses2,4892,076413 20 7,2056,281924 15 
Total expenses2,1021,910192 10 6,3765,688688 12 
Pretax segment income$387$166$221 # %$829$593$236 40 %
# Denotes a variance of 100 percent or more
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 nine month periods, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 17 percent and 18 percent for the three and nine month periods, respectively (14 percent and 20 percent on an FX-adjusted basis), primarily reflecting increases in billed business.2 See Tables 5, 6 and 14 for more details on billed business performance.
Net card fees increased 22 percent and 16 percent for the three and nine month periods, respectively (19 percent and 18 percent on an FX-adjusted basis), primarily driven by growth in our premium card portfolios.2
Service fees and other revenue increased 10 percen