REG-American Exp.Co American Express Reports Fourth Quarter EPS of $0.89 or $1.23 When Adjusted for Impairment and Restructuring Charges1 <Origin Href="QuoteRef">AXP.N</Origin> - Part 2
01/04/2016 13:17
- Part 2: For the preceding part double click ID:nBw3nh8C4a
American Express Company (Preliminary)
Selected Statistical Information
(Billions, except percentages and where indicated)
Quarters Ended % Change Years Ended % Change
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, 2015 vs. Dec 31, Dec 31, 2015 vs.
2015 2015 2015 2015 2014 Dec 31, 2014 2015 2014 Dec 31, 2014
Card billed business (F):
United States $ 189.9 $ 180.3 $ 181.6 $ 169.2 $ 182.5 4 $ 721.0 $ 688.1 5
Outside the United States 83.3 78.6 80.4 76.4 86.0 (3 ) 318.7 334.7 (5 )
Total $ 273.2 $ 258.9 $ 262.0 $ 245.6 $ 268.5 2 $ 1,039.7 $ 1,022.8 2
Total cards-in-force (G) (millions):
United States 57.6 56.4 55.3 54.8 54.9 5 57.6 54.9 5
Outside the United States 60.2 59.4 58.5 57.4 57.3 5 60.2 57.3 5
Total 117.8 115.8 113.8 112.2 112.2 5 117.8 112.2 5
Basic cards-in-force (G) (millions):
United States 44.8 43.6 42.8 42.4 42.6 5 44.8 42.6 5
Outside the United States 49.5 49.0 48.2 47.3 47.0 5 49.5 47 5
Total 94.3 92.6 91.0 89.7 89.6 5 94.3 89.6 5
Average discount rate (A) (H) 2.42 % 2.46 % 2.49 % 2.49 % 2.44 % 2.46 % 2.48 %
Average basic Card Member spending (dollars) (I) $ 4,305 $ 4,165 $ 4,272 $ 4,008 $ 4,377 (2 ) $ 16,743 $ 16,884 (1 )
Average fee per card (dollars) (I) $ 39 $ 39 $ 39 $ 39 $ 39 - $ 39 $ 40 (3 )
Average fee per card adjusted (dollars) (I) $ 43 $ 44 $ 43 $ 44 $ 44 (2 ) $ 44 $ 45 (2 )
Worldwide Card Member receivables: (J)
Total receivables $ 44.1 $ 44.3 $ 44.9 $ 43.7 $ 44.9 (2 ) $ 44.1 $ 44.9 (2 )
Loss reserves (millions):
Beginning balance $ 441 $ 420 $ 429 $ 465 $ 432 2 $ 465 $ 386 20
Provisions (K) 195 203 165 174 198 (2 ) 737 792 (7 )
Net write-offs (L) (169 ) (174 ) (171 ) (199 ) (156 ) 8 (713 ) (683 ) 4
Other (M) (5 ) (8 ) (3 ) (11 ) (9 ) (44 ) (27 ) (30 ) (10 )
Ending balance $ 462 $ 441 $ 420 $ 429 $ 465 (1 ) $ 462 $ 465 (1 )
% of receivables 1.0 % 1.0 % 0.9 % 1.0 % 1.0 % 1.0 % 1.0 %
Net write-off rate (principal only) - USCS/ICS (N) 1.7 % 1.8 % 1.7 % 2.1 % 1.5 % 1.8 % 1.7 %
Net write-off rate (principal and fees) - USCS/ICS (N) 1.9 % 2.0 % 1.9 % 2.3 % 1.7 % 2.0 % 1.9 %
30 days past due as a % of total - USCS/ICS 1.5 % 1.6 % 1.5 % 1.6 % 1.6 % 1.5 % 1.6 %
Net loss ratio (as a % of charge volume) - GCS 0.08 % 0.08 % 0.09 % 0.10 % 0.08 % 0.09 % 0.09 %
90 days past billing as a % of total - GCS 0.9 % 0.7 % 0.7 % 0.7 % 0.8 % 0.9 % 0.8 %
Worldwide Card Member loans: (J)
Total loans $ 58.6 $ 68.9 $ 69.0 $ 66.8 $ 70.4 (17 ) $ 58.6 $ 70.4 (17 )
Loss reserves (millions):
Beginning balance $ 1,164 $ 1,132 $ 1,130 $ 1,201 $ 1,146 2 $ 1,201 $ 1,261 (5 )
Provisions (K) 361 309 285 235 341 6 1,190 1,138 5
Net write-offs - principal (L) (234 ) (231 ) (243 ) (259 ) (237 ) (1 ) (967 ) (1,023 ) (5 )
Net write-offs - interest and fees (L) (40 ) (37 ) (42 ) (43 ) (40 ) - (162 ) (164 ) (1 )
Reserves transferred to held for sale (224 ) - - - - - (224 ) - -
Other (M) 1 (9 ) 2 (4 ) (9 ) # (10 ) (11 ) (9 )
Ending balance $ 1,028 $ 1,164 $ 1,132 $ 1,130 $ 1,201 (14 ) $ 1,028 $ 1,201 (14 )
Ending reserves - principal $ 975 $ 1,114 $ 1,076 $ 1,074 $ 1,149 (15 ) $ 975 $ 1,149 (15 )
Ending reserves - interest and fees $ 53 $ 50 $ 56 $ 56 $ 52 2 $ 53 $ 52 2
% of loans 1.8 % 1.7 % 1.6 % 1.7 % 1.7 % 1.8 % 1.7 %
% of past due 164 % 164 % 171 % 163 % 167 % 164 % 167 %
Average loans $ 67.1 $ 69.0 $ 68.0 $ 67.6 $ 67.7 (1 ) $ 67.9 $ 66.0 3
Net write-off rate (principal only) (N) 1.4 % 1.3 % 1.4 % 1.5 % 1.4 % 1.4 % 1.5 %
Net write-off rate (principal, interest and fees) (N) 1.6 % 1.6 % 1.7 % 1.8 % 1.6 % 1.7 % 1.8 %
30 days past due loans as a % of total 1.1 % 1.0 % 1.0 % 1.0 % 1.0 % 1.1 % 1.0 %
Net interest income divided by average loans* (O) 8.7 % 8.7 % 8.4 % 8.6 % 8.4 % 8.6 % 8.3 %
Net interest yield on Card Member loans* (O) 9.4 % 9.5 % 9.3 % 9.6 % 9.3 % 9.4 % 9.3 %
* - Annualized
# - Denotes a variance of more than 100 percent.
U.S. Card Services (Preliminary)
Selected Income Statement Data
(Millions, except percentages)
Quarters Ended % Change Years Ended % Change
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, 2015 vs. Dec 31, Dec 31, 2015 vs.
2015 2015 2015 2015 2014 Dec 31, 2014 2015 2014 Dec 31, 2014
Revenues
Non-interest revenues (A) $ 3,358 $ 3,302 $ 3,372 $ 3,148 $ 3,253 3 $ 13,180 $ 12,628 4
Interest income 1,628 1,593 1,517 1,529 1,490 9 6,267 5,786 8
Interest expense 173 166 163 152 149 16 654 604 8
Net interest income 1,455 1,427 1,354 1,377 1,341 9 5,613 5,182 8
Total revenues net of interest expense 4,813 4,729 4,726 4,525 4,594 5 18,793 17,810 6
Provisions for losses 440 390 327 296 399 10 1,453 1,396 4
Total revenues net of interest expense after provisions for losses 4,373 4,339 4,399 4,229 4,195 4 17,340 16,414 6
Expenses
Marketing, promotion, rewards, Card Member services and other (A) 2,018 2,029 1,996 1,733 2,038 (1 ) 7,776 7,197 8
Salaries and employee benefits and other operating expenses 1,108 1,048 1,037 1,016 1,074 3 4,209 4,117 2
Total 3,126 3,077 3,033 2,749 3,112 0 11,985 11,314 6
Pretax segment income 1,247 1,262 1,366 1,480 1,083 15 5,355 5,100 5
Income tax provision 448 468 480 546 418 7 1,942 1,900 2
Segment income $ 799 $ 794 $ 886 $ 934 $ 665 20 $ 3,413 $ 3,200 7
Effective tax rate 35.9 % 37.1 % 35.1 % 36.9 % 38.6 % 36.3 % 37.3 %
Selected Statistical Information
(Billions, except percentages and where indicated)
Card billed business $ 152.3 $ 143.4 $ 144.1 $ 132.5 $ 145.0 5 $ 572.3 $ 542.0 6
Total cards-in-force (millions) 48.3 47.4 46.3 45.9 45.6 6 48.3 45.6 6
Basic cards-in-force (millions) 36.2 35.4 34.6 34.2 34.0 6 36.2 34.0 6
Average basic Card Member spending (dollars) $ 4,246 $ 4,098 $ 4,210 $ 3,875 $ 4,281 (1 ) $ 16,413 $ 16,294 1
U.S. Consumer Travel:
Travel sales (millions) $ 810 $ 943 $ 1,020 $ 988 $ 817 (1 ) $ 3,761 $ 3,774 (0 )
Travel commissions and fees/sales 7.3 % 7.1 % 7.1 % 6.6 % 7.5 % 7.0 % 7.2 %
Total segment assets (P) $ 117.3 $ 107.7 $ 108.2 $ 107.7 $ 113.2 4 $ 117.3 $ 113.2 4
Segment capital (Q) $ 10.3 $ 10.3 $ 10.8 $ 10.8 $ 10.4 (1 ) $ 10.3 $ 10.4 (1 )
Return on average segment capital (R) 32.4 % 31.4 % 32.6 % 32.1 % 32.5 % 32.4 % 32.5 %
Return on average tangible segment capital (R) 33.7 % 32.6 % 33.8 % 33.2 % 33.6 % 33.7 % 33.6 %
Card Member receivables: (J)
Total receivables $ 23.3 $ 22.0 $ 22.1 $ 21.5 $ 22.5 4 $ 23.3 $ 22.5 4
30 days past due as a % of total 1.5 % 1.6 % 1.5 % 1.7 % 1.7 % 1.5 % 1.7 %
Average receivables $ 22.5 $ 22.0 $ 22.0 $ 21.3 $ 21.8 3 $ 22.0 $ 21.3 3
Net write-off rate (principal only) (N) 1.6 % 1.6 % 1.6 % 2.2 % 1.4 % 1.7 % 1.6 %
Net write-off rate (principal and fees) (N) 1.8 % 1.9 % 1.8 % 2.4 % 1.6 % 1.9 % 1.8 %
Card Member loans: (J)
Total loans $ 51.4 $ 62.1 $ 61.7 $ 59.9 $ 62.6 (18 ) $ 51.4 $ 62.6 (18 )
30 days past due loans as a % of total 1.0 % 1.0 % 0.9 % 1.0 % 1.0 % 1.0 % 1.0 %
Average loans $ 60.1 $ 62.1 $ 60.9 $ 60.4 $ 59.7 1 $ 60.8 $ 57.8 5
Net write-off rate (principal only) (N) 1.3 % 1.3 % 1.4 % 1.5 % 1.3 % 1.4 % 1.5 %
Net write-off rate (principal, interest and fees) (N) 1.6 % 1.5 % 1.6 % 1.7 % 1.5 % 1.6 % 1.7 %
Net interest income divided by average loans* (O) 9.1 % 9.2 % 8.9 % 9.1 % 9.0 % 9.1 % 9.0 %
Net interest yield on Card Member loans* (O) 9.3 % 9.4 % 9.2 % 9.5 % 9.1 % 9.3 % 9.2 %
* - Annualized
# - Denotes a variance of more than 100 percent.
International Card Services (Preliminary)
Selected Income Statement Data
(Millions, except percentages)
Quarters Ended % Change Years Ended % Change
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, 2015 vs. Dec 31, Dec 31, 2015 vs.
2015 2015 2015 2015 2014 Dec 31, 2014 2015 2014 Dec 31, 2014
Revenues
Non-interest revenues $ 1,107 $ 1,071 $ 1,082 $ 1,061 $ 1,166 (5 ) $ 4,321 $ 4,737 (9 )
Interest income 233 226 236 244 260 (10 ) 939 1,085 (13 )
Interest expense 59 59 60 64 71 (17 ) 242 330 (27 )
Net interest income 174 167 176 180 189 (8 ) 697 755 (8 )
Total revenues net of interest expense 1,281 1,238 1,258 1,241 1,355 (5 ) 5,018 5,492 (9 )
Provisions for losses 85 85 83 76 95 (11 ) 329 370 (11 )
Total revenues net of interest expense after provisions for losses 1,196 1,153 1,175 1,165 1,260 (5 ) 4,689 5,122 (8 )
Expenses
Marketing, promotion, rewards, Card Member services and other 534 500 472 437 555 (4 ) 1,943 2,160 (10 )
Salaries and employee benefits and other operating expenses 587 548 559 544 704 (17 ) 2,238 2,513 (11 )
Total 1,121 1,048 1,031 981 1,259 (11 ) 4,181 4,673 (11 )
Pretax segment income 75 105 144 184 1 # 508 449 13
Income tax provision/(benefit) 2 16 19 50 (32 ) # 87 38 #
Segment income $ 73 $ 89 $ 125 $ 134 $ 33 # $ 421 $ 411 2
Effective tax rate 2.7 % 15.2 % 13.2 % 27.2 % # 17.1 % 8.5 %
Selected Statistical Information
(Billions, except percentages and where indicated)
Card billed business $ 32.0 $ 29.6 $ 30.0 $ 28.7 $ 34.0 (6 ) $ 120.2 $ 133.8 (10 )
Total cards-in-force (millions) 15.2 15.2 15.0 14.9 15.7 (3 ) 15.2 15.7 (3 )
Basic cards-in-force (millions) 10.5 10.6 10.4 10.4 11.0 (5 ) 10.5 11.0 (5 )
Average basic Card Member spending (dollars) $ 3,028 $ 2,827 $ 2,888 $ 2,729 $ 3,109 (3 ) $ 11,459 $ 12,297 (7 )
International Consumer Travel:
Travel sales (millions) $ 312 $ 325 $ 333 $ 334 $ 353 (12 ) $ 1,304 $ 1,422 (8 )
Travel commissions and fees/sales 6.7 % 5.8 % 6.9 % 7.2 % 7.4 % 6.7 % 6.8 %
Total segment assets (P) $ 35.4 $ 34.9 $ 29.2 $ 29.0 $ 30.7 15 $ 35.4 $ 30.7 15
Segment capital (Q) $ 2.9 $ 3.3 $ 3.5 $ 3.2 $ 3.0 (3 ) $ 2.9 $ 2.9 (1 )
Return on average segment capital (R) 13.2 % 11.9 % 13.9 % 12.7 % 13.6 % 13.2 % 13.6 %
Return on average tangible segment capital (R) 21.3 % 19.4 % 23.3 % 22.3 % 24.6 % 21.3 % 24.6 %
Card Member receivables: (J)
Total receivables $ 7.0 $ 6.5 $ 6.8 $ 6.4 $ 7.7 (9 ) $ 7.0 $ 7.7 (9 )
30 days past billing as a % of total 1.4 % 1.5 % 1.4 % 1.6 % 1.3 % 1.4 % 1.3 %
Net write-off rate (principal only) (N) 2.0 % 2.2 % 2.1 % 1.9 % 1.8 % 2.0 % 1.9 %
Net write-off rate (principal and fees) (N) 2.2 % 2.4 % 2.3 % 2.0 % 1.9 % 2.2 % 2.1 %
Card Member loans: (J)
Total loans $ 7.1 $ 6.7 $ 7.2 $ 6.8 $ 7.7 (8 ) $ 7.1 $ 7.7 (8 )
30 days past due loans as a % of total 1.6 % 1.6 % 1.6 % 1.8 % 1.6 % 1.6 % 1.6 %
Average loans $ 7.0 $ 6.9 $ 7.0 $ 7.2 $ 7.9 (11 ) $ 7.0 $ 8.2 (15 )
Net write-off rate (principal only) (N) 1.8 % 1.8 % 2.0 % 2.0 % 1.9 % 1.9 % 2.0 %
Net write-off rate (principal, interest and fees) (N) 2.2 % 2.3 % 2.5 % 2.5 % 2.4 % 2.4 % 2.4 %
Net interest income divided by average loans* (O) 9.9 % 9.7 % 10.1 % 10.0 % 9.6 % 10.0 % 9.2 %
Net interest yield on Card Member loans* (O) 10.6 % 10.5 % 10.7 % 10.9 % 10.5 % 10.6 % 10.0 %
* - Annualized
# - Denotes a variance of more than 100 percent.
Global Commercial Services (Preliminary)
Selected Income Statement Data
(Millions, except percentages)
Quarters Ended % Change Years Ended % Change
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, 2015 vs. Dec 31, Dec 31, 2015 vs.
2015 2015 2015 2015 2014 Dec 31, 2014 2015 2014 Dec 31, 2014
Revenues
Non-interest revenues $ 860 $ 858 $ 924 $ 871 $ 1,635 (47 ) $ 3,513 $ 5,173 (32 )
Interest income 4 3 3 4 4 - 14 15 (7 )
Interest expense 47 44 46 48 54 (13 ) 185 240 (23 )
Net interest expense (43 ) (41 ) (43 ) (44 ) (50 ) (14 ) (171 ) (225 ) (24 )
Total revenues net of interest expense 817 817 881 827 1,585 (48 ) 3,342 4,948 (32 )
Provisions for losses 33 38 42 35 50 (34 ) 148 180 (18 )
Total revenues net of interest expense after provisions for losses 784 779 839 792 1,535 (49 ) 3,194 4,768 (33 )
Expenses
Marketing, promotion, rewards, Card Member services and other 152 160 156 164 178 (15 ) 632 682 (7 )
Salaries and employee benefits and other operating expenses 395 381 369 344 408 (3 ) 1,489 1,678 (11 )
Total 547 541 525 508 586 (7 ) 2,121 2,360 (10 )
Pretax segment income 237 238 314 284 949 (75 ) 1,073 2,408 (55 )
Income tax provision 105 87 111 104 355 (70 ) 407 865 (53 )
Segment income $ 132 $ 151 $ 203 $ 180 $ 594 (78 ) $ 666 $ 1,543 (57 )
Effective tax rate 44.3 % 36.6 % 35.4 % 36.6 % 37.4 % 37.9 % 35.9 %
Selected Statistical Information
(Billions, except percentages and where indicated)
Card billed business $ 45.5 $ 45.0 $ 46.4 $ 45.3 $ 47.1 (3 ) $ 182.1 $ 186.7 (2 )
Total cards-in-force (millions) 6.9 6.9 6.9 6.9 6.9 - 6.9 6.9 -
Basic cards-in-force (millions) 6.9 6.9 6.9 6.9 6.9 - 6.9 6.9 -
Average basic Card Member spending (dollars) $ 6,582 $ 6,529 $ 6,739 $ 6,567 $ 6,817 (3 ) $ 26,420 $ 26,706 (1 )
Total segment assets (P) $ 17.7 $ 19.6 $ 19.7 $ 19.6 $ 18.5 (4 ) $ 17.7 $ 18.5 (4 )
Segment capital (Q) $ 3.7 $ 3.6 $ 4.0 $ 4.1 $ 3.8 (2 ) $ 3.7 $ 3.8 (2 )
Return on average segment capital (R) 17.4 % 29.2 % 30.3 % 39.9 % 40.9 % 17.4 % 40.9 %
Return on average tangible segment capital (R) 30.8 % 51.4 % 52.8 % 70.6 % 74.4 % 30.8 % 74.4 %
Card Member receivables:
Total receivables $ 13.8 $ 15.7 $ 15.9 $ 15.7 $ 14.6 (5 ) $ 13.8 $ 14.6 (5 )
90 days past billing as a % of total 0.9 % 0.7 % 0.7 % 0.7 % 0.8 % 0.9 % 0.8 %
Net loss ratio (as a % of charge volume) 0.08 % 0.08 % 0.09 % 0.10 % 0.08 % 0.09 % 0.09 %
# - Denotes a variance of more than 100 percent.
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