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.
The company reported total revenues net of interest expense of $65.949 billion, a 9% increase compared to $60.515 billion in the previous year. This growth was driven by increases in discount revenue, net card fees, and net interest income.
Net income reached $10.129 billion, a 21% increase compared to $8.374 billion in the prior year. This growth is attributed to strong revenue performance and disciplined expense management, although it includes a gain from the sale of Accertify.
Provisions for credit losses increased to $5.185 billion, a 5% increase compared to $4.923 billion in the previous year. This increase was primarily driven by higher net write-offs, indicating a potential increase in credit risk.