Sector: Financials|Industry: Credit Services|Market Cap: $206.46B|Employees: 74.6K
American Express is a globally integrated payments company, offering credit and charge cards to consumers, small businesses, and large corporations. The company operates its own network, enabling direct relationships with both card members and merchants, which provides unique data insights and competitive advantages. American Express has a significant presence in key markets such as the United States, the United Kingdom, and other parts of Europe, as well as Australia, Japan, Canada and Mexico.
Total revenues net of interest expense increased 8% year-over-year, reaching $16.636 billion. This growth was driven by increases in discount revenue, net card fees, and net interest income.
Net income increased slightly by 2% year-over-year, reaching $2.507 billion. This increase is less than the revenue growth, indicating margin pressures.
Provisions for credit losses increased by 10% year-over-year, reaching $1.356 billion. This increase was primarily driven by higher net write-offs.