The company said net income for Q3 2024 was $2.51 billion ($3.49 per share), compared with $2.45 billion ($3.30 per share) a year earlier. It said total revenues net of interest expense rose 8% from the prior year.

1. 01

   The company said net income for Q3 2024 was $2.51 billion ($3.49 per share), compared with $2.45 billion ($3.30 per share) a year earlier. It said total revenues net of interest expense rose 8% from the prior year.

2. 02

   American Express said billed business for Q3 grew 6% from a year earlier, and that this growth drove a 4% increase in Discount revenue. It said Net card fees rose 18% and Net interest income rose 16%.

3. 03

   The company said provisions for credit losses increased in Q3, mainly due to higher net write-offs, partially offset by a lower reserve build. It said Marketing expense rose 19% from a year earlier, and it acquired 3.3 million proprietary new cards.

4. 04

   The company said the sale of Accertify, which closed on May 1, 2024, added a gain of $531 million ($479 million after tax, $0.66 per share) to its nine-month results. It also disclosed that its total consolidated assets exceeded $250 billion in Q3 2024, making it a Category III bank holding company.

Key figures

Quarter ended September 30, 2024

Revenue

$9.7B

Net income

$2.5B

EPS

$3.49

Analysis 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.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.