AI English summary of an SEC filing — figures as filed
American Express AXPAmerican Express said net income for Q2 was $3.0 billion ($4.15 per share), compared with $2.2 billion ($2.89 per share) a year earlier. The company also said it recorded a gain of $531 million ($479 million after tax, or $0.66 per share) on the sale of Accertify, which closed on May 1, 2024.
Key points
AI summaryAmerican Express said net income for Q2 was $3.0 billion ($4.15 per share), compared with $2.2 billion ($2.89 per share) a year earlier. The company also said it recorded a gain of $531 million ($479 million after tax, or $0.66 per share) on the sale of Accertify, which closed on May 1, 2024.
The company said billed business grew 5% year over year (6% on an FX-adjusted basis), and total revenues net of interest expense rose 8% (9% on an FX-adjusted basis). It also acquired 3.3 million proprietary new cards during the quarter.
Provisions for credit losses increased, the company said, primarily due to higher net write-offs, partially offset by a lower reserve build. Operating expenses decreased 13%, which the company attributed primarily to the gain recognized on the sale of Accertify.
The company said it kept its capital ratios within its target range of 10 to 11% during Q2 and returned $2.3 billion to shareholders through share repurchases and common stock dividends. It also said it will become a Category III bank holding company in Q3 2024.
Key figures
Quarter ended June 30, 2024
- Revenue
- $9.8B
- Net income
- $3.0B
- EPS
- $4.15
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Q2 Net Income and Accertify Sale Gain
American Express said net income for Q2 was $3.0 billion ($4.15 per share), compared with $2.2 billion ($2.89 per share) a year earlier. The company also said it recorded a gain of $531 million ($479 million after tax, or $0.66 per share) on the sale of Accertify, which closed on May 1, 2024.
Source · Based on the MD&A text of the filing
Billings, Revenue and New Card Acquisitions
The company said billed business grew 5% year over year (6% on an FX-adjusted basis), and total revenues net of interest expense rose 8% (9% on an FX-adjusted basis). It also acquired 3.3 million proprietary new cards during the quarter.
Source · Based on the MD&A text of the filing
Credit Loss Provisions and Operating Expenses
Provisions for credit losses increased, the company said, primarily due to higher net write-offs, partially offset by a lower reserve build. Operating expenses decreased 13%, which the company attributed primarily to the gain recognized on the sale of Accertify.
Source · Based on the MD&A text of the filing
Capital Ratios and Shareholder Returns
The company said it kept its capital ratios within its target range of 10 to 11% during Q2 and returned $2.3 billion to shareholders through share repurchases and common stock dividends. It also said it will become a Category III bank holding company in Q3 2024.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
You can verify the report’s figures and statements in the original filing on SEC EDGAR.