American Express said full-year 2023 total revenues net of interest expense rose 14% to $60.5 billion (15% on an FX-adjusted basis), net income was $8.4 billion, and diluted earnings per share were $11.21.

1. 01

   American Express said full-year 2023 total revenues net of interest expense rose 14% to $60.5 billion (15% on an FX-adjusted basis), net income was $8.4 billion, and diluted earnings per share were $11.21.

2. 02

   The company said provisions for credit losses for full-year 2023 rose to $4.9 billion from $2.2 billion a year earlier. It cited higher net write-offs and a net reserve build of $1.4 billion (compared with $617 million a year earlier) as factors behind the increase.

3. 03

   American Express said it provided full-year 2024 guidance of revenue growth of 9% to 11% and earnings per share of $12.65 to $13.15. The company said its long-term aspiration is revenue growth of 10% plus and mid-10% EPS growth.

4. 04

   American Express said it plans to raise its regular quarterly dividend on common shares by 17%, from $0.60 to $0.70 per share, beginning with the declaration for Q1 2024.

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Original filing

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