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Section 1: 8-K (8-K)


Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 24, 2020
(Exact name of registrant as specified in its charter)
New York 1-7657 13-4922250
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
200 Vesey Street,
New York, New York 10285
(Address of principal executive offices and zip code)
(212) 640-2000
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares (par value $0.20 per Share) AXP New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure
The following information is furnished under Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure:
On April 24, 2020, American Express Company (the “Company”) issued a press release regarding its financial results for the first quarter of 2020. A copy of such press release is attached to this report as Exhibit 99.1. The Company also made available additional information relating to the financial results for the first quarter of 2020. Such additional financial information is attached to this report as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits

(d) Exhibits

104The cover page of this Current Report on Form 8-K, formatted as inline XBRL.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 By:/s/ Tangela S. Richter
  Name:  Tangela S. Richter
  Title:    Corporate Secretary
Date: April 24, 2020
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Section 2: EX-99.1 (EX-99.1)



Media Contacts:
Marina H. Norville,, +1.212.640.2832
Andrew R. Johnson, , +1.212.640.8610

Investors/Analysts Contacts:
Vivian Y. Zhou,, +1.212.640.5574
Melanie L. Michel,, +1.212.640.5574


(Millions, except percentages and per share amounts)

Quarters Ended
March 31,
Percentage Inc/(Dec)
Total Revenues Net of Interest Expense$10,310  $10,364  (1)
Net Income$367  $1,550  (76)
Diluted Earnings Per Common Share 1
$0.41  $1.80  (77)
Adjusted Diluted Earnings Per Common Share Excluding Credit Reserve Builds 2
Average Diluted Common Shares Outstanding808  843  (4)

New York – April 24, 2020 - American Express Company (NYSE: AXP) today reported first-quarter net income of $367 million, or $0.41 per share, compared with net income of $1.6 billion, or $1.80 per share, a year ago.

The evolving COVID-19 situation had significantly negative impacts on first-quarter results.

“The first two months of 2020 continued the strong momentum we have delivered over the past two years, but we’re now in a different world,” said Stephen J. Squeri, Chairman and Chief Executive Officer. “The deterioration in the economy due to COVID-19 impacts that began in the first quarter and accelerated in April has dramatically impacted our volumes. While we can’t predict just how the economy and our business will perform in the coming months, we can focus on supporting our colleagues and customers while remaining financially strong and positioning for growth when the economy begins to improve.


“In light of the current environment, we are aggressively reducing costs across the enterprise, while at the same time selectively investing in initiatives that are key to our long-term growth strategy. We entered this crisis with particularly strong capital and liquidity positions that will enable us to remain financially strong.
“To support our colleagues, we are committed to no COVID-19-related layoffs for the remainder of 2020 to ensure we have the right team in place to serve our customers and to continue driving our growth over the long term. And we’re supporting our colleagues in other ways, including a 100% work from home arrangement in all our locations and continuing to pay the salaries of colleagues who are affected by the virus without having to use their paid leave.
“To support our customers, we are offering consumer and small business Card Members a range of short- and long-term financial assistance programs to help them weather the storm. In addition, we are adding several new benefits, services and rewards to our premium Card products and Membership Rewards program that are relevant to the evolving needs of our customers during this time.
“For our merchants, we have extended the amount of time they have to respond to Card Member disputes, and we increased contactless transaction thresholds to reduce physical contact at the point of sale in 28 countries.
“Earlier this week, we launched Stand for Small in the U.S., a coalition of more than 40 companies across various industries that have come together to back small businesses by providing a wide range of offers, complimentary services, access to corporate assistance programs and other resources designed to help support them as they them manage through the crisis.
“As we manage through this period, we’ll remain focused on what we can control in the short term while keeping an eye on the long term. This has been our formula for success through difficult times in the past, and this time is no different, despite the unprecedented magnitude and uncertainty we are facing. We will continue to back our colleagues, customers, and communities, just as we have done for 170 years. And when this crisis is over, we intend to be in a position of strength, ready to capitalize on the opportunities ahead.”
First-quarter consolidated total revenues net of interest expense were $10.3 billion, down 1 percent from $10.4 billion a year ago. Excluding the impact of foreign exchange rates, adjusted revenues net of interest expense grew 1 percent.3 The quarter reflected softness in spending volumes beginning in the last few days of February that significantly accelerated in March as a result of COVID-19 impacts. This was partially offset by strong overall performance in January and February.
Consolidated provisions for losses were $2.6 billion, up from $809 million a year ago. The increase was driven primarily by significant reserve builds of $1.7 billion which reflect deterioration of the global estimated macroeconomic outlook as a result of COVID-19 impacts. As of January 1, 2020, the company adopted the new Financial Instruments - Current Expected Credit Losses (CECL) standard.
Consolidated expenses were $7.2 billion, down 5 percent from $7.6 billion a year ago. The decrease was driven primarily by lower operating expenses due, in part, to a litigation-related charge of $0.21 per share in the year-ago quarter.4
The consolidated effective tax rate was 18.8 percent, down from 20.8 percent a year ago.
Global Consumer Services Group reported first-quarter net income of $201 million, compared with $954 million a year ago.
Total revenues net of interest expense were $6.0 billion, up 4 percent from $5.7 billion a year ago. The rise primarily reflected higher net interest income and card fees, partially offset by lower Card Member spending.
Provisions for losses totaled $1.8 billion, up from $551 million a year ago, driven primarily by significant reserve builds.
Total expenses were $3.9 billion, down 1 percent from $4.0 billion a year ago. The decrease reflected lower customer engagement costs.
Global Commercial Services reported first-quarter net income of $38 million, compared with $512 million a year ago.
Total revenues net of interest expense were $3.1 billion, flat compared to a year ago. The current quarter primarily reflected higher net interest income and card fees, offset by lower Card Member spending.


Provisions for losses totaled $762 million, up from $254 million a year ago, driven primarily by significant reserve builds.
Total expenses were $2.3 billion, up 4 percent from $2.2 billion a year ago. The increase reflected higher costs associated with marketing and business development and growth in rewards, as well as higher operating expenses.4
Global Merchant and Network Services reported first-quarter net income of $417 million, compared with $571 million a year ago.
Total revenues net of interest expense were $1.4 billion, down 10 percent from $1.5 billion a year ago. The decrease primarily reflected lower Card Member spending.
Total expenses were $789 million, up 2 percent from $777 million a year ago.
Corporate and Other reported a first-quarter net loss of [$289] million, compared with a net loss of $487 million a year ago.

1Diluted earnings per common share (EPS) was reduced by the impact of (i) earnings allocated to participating share awards and other items of $2 million and $11 million for the three months ended March 31, 2020 and 2019, respectively, and (ii) dividends on preferred shares of $32 million and $21 million for the three months ended March 31, 2020 and 2019, respectively.
2First quarter 2020 adjusted diluted EPS excluding credit reserve builds, a non-GAAP measure, excludes the portion of Provisions for credit losses attributable to reserve builds. See Appendix I for a reconciliation to diluted EPS on a GAAP basis. Management believes the presentation of adjusted diluted EPS excluding credit reserve builds is useful as it is consistent with the guidance provided on the company’s Investor Update Call on March 17, 2020, at which point such amounts were not estimable due to the rapidly changing nature of, and uncertainty related to, macroeconomic forecasts that are a component of the new Current Expected Credit Loss (CECL) methodology.
3As reported in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (e.g., assumes the foreign exchange rates used to determine results for the three months ended March 31, 2020 apply to the period(s) against which such results are being compared). Management believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company’s performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates. FX-adjusted revenues constitute non-GAAP measures.
4Operating expenses represent salaries and employee benefits, professional services, occupancy and equipment, and other expenses.


About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at and connect with us on,,,, and
Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.
This earnings release should be read in conjunction with the company’s statistical tables for the first quarter 2020, available on the American Express website at and in a Form 8-K furnished today with the Securities and Exchange Commission.
An investor conference call will be held at 8:30 a.m. (ET) today to discuss first-quarter results. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. A replay of the conference call will be available later today at the same website address.



This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company’s current expectations regarding business and financial performance, among other matters, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following:
a further deterioration in global economic and business conditions, consumer and business spending generally; an inability or unwillingness of Card Members to pay amounts owed to the company; uncertain impacts of, or additional changes in, monetary, fiscal or tax policy to address the impact of COVID-19; prolonged measures to contain the spread of COVID-19 or premature easing of such containment measures, either of which could further exacerbate the effects on the company’s business activities and results of operations, Card Members, partners and merchants; an inability of the company to manage risk in an uncertain and fast-changing environment; further market volatility and changes in capital and credit market conditions and the availability and cost of capital; issues impacting brand perceptions and the company’s reputation; changes in foreign currency rates and benchmark interest rates; an inability of business partners to meet their obligations to the company and the company’s customers due to slowdowns or disruptions in their businesses or otherwise; pricing changes, product mix and credit actions, including line size and other adjustments to credit availability; and telecommunications failures, internet outages or cybersecurity incidents impacting transaction authorization, clearing and settlement systems;
the amount of future credit reserve builds, which will depend in part on changes in consumer behavior that affect loan and receivable balances (such as paydown rates) and delinquency and write-off rates; macroeconomic factors such as unemployment rates, GDP and the volume of bankruptcies; the impact of the Current Expected Credit Loss (CECL) methodology; collections capabilities and recoveries of previously written-off loans and receivables; the enrollment in, and effectiveness of, hardship programs and troubled debt restructurings; and governmental actions that provide forms of relief with respect to certain loans and fees, such as limiting debt collections efforts and encouraging or requiring extensions, modifications or forbearance;
the actual amount to be spent on marketing and promotion, which will be based in part on continued changes in macroeconomic conditions and business performance; management’s assessment of competitive opportunities; contractual obligations with business partners and other fixed costs and prior commitments; and management’s ability to realize efficiencies and optimize investment spending;
the actual amount to be spent on Card Member rewards and services, which could be impacted by Card Members’ interest in the value propositions offered by the company; further enhancements to product benefits to make them attractive to Card Members, potentially in a manner that is not cost effective; Card Member behavior as it relates to their spending patterns (including the level of spend in bonus categories) and the redemption of rewards and offers; the costs related to reward point redemptions; and new and renegotiated contractual obligations with business partners;
the ability of the company to reduce its operating expenses and meet its commitment of no COVID-19 related layoffs for the remainder of 2020, which could be impacted by, among other things, the company’s inability to balance expense control and investments in the business; management’s decision to increase or decrease spending in such areas as technology, business and product development, sales force, premium servicing and digital capabilities depending on overall business performance; an inability to innovate efficient channels of customer interactions, such as chat supported by artificial intelligence; higher-than-expected cyber, fraud or compliance expenses or consulting, legal and other professional fees, including as a result of increased litigation


or internal and regulatory reviews; the level of M&A activity and related expenses; the payment of civil money penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; impairments of goodwill or other assets; the impact of changes in foreign currency exchange rates on costs; and greater than expected inflation;
net card fees not growing consistent with current expectations, which could be impacted by, among other things, the further deterioration in macroeconomic conditions impacting the ability and desire of Card Members to pay card fees; higher attrition rates; Card Members continuing to be attracted to the company’s premium card products; and the company’s inability to address competitive pressures and implement its strategies and business initiatives, including introducing new benefits and services that are designed for the current environment;
a further decline of the average discount rate, including as a result of further changes in the mix of spending by location and industry, merchant negotiations (including merchant incentives, concessions and volume-related pricing discounts), competition, pricing regulation (including regulation of competitors’ interchange rates) and other factors;
changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure that may materially impact the prices charged to merchants that accept American Express cards, competition for new and existing cobrand relationships, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs;
changes affecting the company’s plans regarding the return of capital to shareholders, which will depend on factors such as capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and approval of the company’s capital plans; the company’s results of operations and financial condition; and the economic environment and market conditions in any given period;
a failure in or breach of the company’s operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt its operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm;
legal and regulatory developments, which could affect the profitability of the company’s business activities; limit the company’s ability to pursue business opportunities; require changes to business practices or alter the company’s relationships with Card Members, partners, merchants and other third parties, including its ability to continue certain cobrand and agent relationships in the EU; exert further pressure on the average discount rate and GNS volumes; result in increased costs related to regulatory oversight, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or civil money penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand;
changes in the financial condition and creditworthiness of the company’s business partners, such as bankruptcies, restructurings or consolidations, including cobrand partners and merchants that represent a significant portion of the company’s business, such as the airline industry, or partners in GNS or financial institutions that the company relies on for routine funding and liquidity, which could materially affect the company’s financial condition or results of operations; and
factors beyond the company’s control such as fire, power loss, disruptions in telecommunications, severe weather conditions, natural and man-made disasters, or terrorism, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, loan and receivable balances and other aspects of the company’s business and results of operations or disrupt its global network systems and ability to process transactions.
A further description of these uncertainties and other risks can be found in American Express Company’s Annual Report on Form 10-K for the year ended December 31, 2019, the company’s other reports filed with the


Securities and Exchange Commission and the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 to be filed with the Securities and Exchange Commission.

American Express Company (Preliminary)
Appendix I
Reconciliations of Adjustments

Earnings per share excluding credit reserve builds
Diluted earnings per common share$0.41  
Impact of credit reserve builds (pre-tax)
Tax impact of credit reserve builds
Net Impact of credit reserve builds1.57
Adjusted diluted earnings per common share$1.98  

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Section 3: EX-99.2 (EX-99.2)


Exhibit 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q1'20Q4'19Q3'19Q2'19Q1'19YOY % change
Non-interest revenues
Discount revenue$5,838  $6,829  $6,566  $6,577  $6,195  (6) 
Net card fees1,110  1,077  1,033  988  944  18  
Other fees and commissions720  832  825  837  803  (10) 
Other312  343  362  362  363  (14) 
Total non-interest revenues7,980  9,081  8,786  8,764  8,305  (4) 
Interest income
Interest on loans2,909  2,934  2,885  2,764  2,725   
Interest and dividends on investment securities38  50  53  52  33  15  
Deposits with banks and other99  101  142  149  196  (49) 
Total interest income3,046  3,085  3,080  2,965  2,954   
Interest expense
Deposits326  353  401  406  399  (18) 
Long-term debt and other390  448  476  485  496  (21) 
Total interest expense716  801  877  891  895  (20) 
Net interest income2,330  2,284  2,203  2,074  2,059  13  
Total revenues net of interest expense10,310  11,365  10,989  10,838  10,364  (1) 
Provisions for credit losses
Card Member receivables597  248  238  224  253   
Card Member loans1,876  730  604  603  525   
Other148  46  37  34  31   
Total provisions for credit losses2,621  1,024  879  861  809   
Total revenues net of interest expense after provisions for credit losses7,689  10,341  10,110  9,977  9,555  (20) 
Marketing and business development1,705  1,953  1,821  1,776  1,575   
Card Member rewards2,392  2,722  2,614  2,652  2,451  (2) 
Card Member services456  552  558  563  550  (17) 
Salaries and employee benefits1,395  1,623  1,499  1,367  1,422  (2) 
Professional services439  594  491  512  494  (11) 
Occupancy and equipment549  599  544  517  508   
Other, net301  312  317  371  597  (50) 
Total expenses7,237  8,355  7,844  7,758  7,597  (5) 
Pretax income452  1,986  2,266  2,219  1,958  (77) 
Income tax provision85  293  511  458  408  (79) 
Net income$367  $1,693  $1,755  $1,761  $1,550  (76) 
Net income attributable to common shareholders (A)$333  $1,661  $1,723  $1,729  $1,518  (78) 
Effective tax rate18.8 %14.8 %22.6 %20.6 %20.8 %
Earnings Per Common Share
Net income attributable to common shareholders$0.41  $2.04  $2.09  $2.07  $1.81  (77) 
Average common shares outstanding807  814  825  834  841  (4) 
Net income attributable to common shareholders $0.41  $2.03  $2.08  $2.07  $1.80  (77) 
Average common shares outstanding808  816  827  836  843  (4) 
Cash dividends declared per common share $0.43  $0.43  $0.43  $0.39  $0.39  10  
# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information 
(Billions, except percentages, per share amounts and where indicated) 

 Q1'20Q4'19Q3'19Q2'19Q1'19YOY % change
Cash & cash equivalents$36  $24  $24  $27  $33   
Card Member receivables, less reserves44  57  56  58  56  (21) 
Card Member loans, less reserves72  85  81  81  79  (9) 
Investment securities     (17) 
Other (B)29  24  25  23  23  26  
Total assets$186  $198  $194  $198  $197  (6) 
Liabilities and Shareholders' Equity      
Customer deposits$78  $73  $73  $73  $73   
Short-term borrowings     50  
Long-term debt53  58  58  58  58  (9) 
Other (B)31  38  37  41  42  (26) 
Total liabilities165  175  171  175  175  (6) 
Shareholders' Equity21  23  23  23  22  (5) 
Total liabilities and shareholders' equity$186  $198  $194  $198  $197  (6) 
Return on average equity (C)24.4 %29.6 %31.5 %31.6 %31.9 %
Return on average common equity (C)25.6 %31.2 %33.2 %33.4 %33.7 %
Book value per common share (dollars)$24.13  $26.51  $26.12  $25.84  $24.65  (2) 

See Appendix IV for footnote references

American Express Company(Preliminary)
Consolidated Capital
Shares Outstanding (in millions) 
Beginning of period810  821  832  837  847  
Repurchase of common shares(7) (11) (11) (6) (12) 
Net impact of employee benefit plans and others —  —  1.0   
End of period805  810  821  832  837  
Risk-Based Capital Ratios - Basel III ($ in billions) (D) 
Common Equity Tier 1/Risk Weighted Assets (RWA)11.7 %10.7 %11.0 %11.0 %10.8 %
Tier 112.8 %11.6 %12.0 %12.0 %11.8 %
Total14.4 %13.2 %13.6 %13.6 %13.4 %
Common Equity Tier 1$17.3  $18.1  $18.0  $18.2  $17.4  
Tier 1 Capital$19.0  $19.6  $19.6  $19.8  $19.0  
Tier 2 Capital$2.4  $2.6  $2.6  $2.7  $2.6  
Total Capital$21.3  $22.2  $22.2  $22.5  $21.6  
RWA$148.1  $168.5  $163.4  $165.4  $161.3  
Tier 1 Leverage10.0 %10.2 %10.3 %10.5 %10.0 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (E)$190.1  $192.3  $190.4  $189.2  $189.4  

See Appendix IV for footnote references

American Express Company (Preliminary)
Selected Card Related Statistical Information  
(Billions, except percentages and where indicated)  

 Q1'20Q4'19Q3'19Q2'19Q1'19YOY % change
Billed business (F)
U.S.$190.2  $216.8  $206.2  $209.2  $195.5  (3) 
Outside the U.S.89.1  108.4  102.0  102.5  100.2  (11) 
Total$279.3  $325.2  $308.2  $311.7  $295.7  (6) 
Proprietary$242.6  $281.6  $266.2  $269.4  $253.3  (4) 
Global Network Services (GNS)36.7  43.6  42.0  42.3  42.4  (13) 
Total$279.3  $325.2  $308.2  $311.7  $295.7  (6) 
Cards-in-force (millions) (G)
U.S.54.9  54.7  54.3  54.0  54.1   
Outside the U.S.58.7  59.7  60.2  60.2  59.8  (2) 
Total113.6  114.4  114.5  114.2  113.9  —  
Proprietary70.4  70.3  69.9  69.7  69.7   
GNS43.2  44.1  44.6  44.5  44.2  (2) 
Total113.6  114.4  114.5  114.2  113.9  —  
Basic cards-in-force (millions) (G)
U.S.43.1  43.0  42.7  42.5  42.5   
Outside the U.S.49.2  50.0  50.3  50.3  49.9  (1) 
Total92.3  93.0  93.0  92.8  92.4  —  
Average proprietary basic Card Member spending (dollars)
U.S.$4,922  $5,630  $5,366  $5,445  $5,082  (3) 
Outside the U.S.$3,505  $4,325  $4,027  $4,059  $3,927  (11) 
Average$4,497  $5,237  $4,964  $5,030  $4,741  (5) 
Card Member loans
U.S.$69.0  $76.0  $73.2  $72.6  $70.8  (3) 
Outside the U.S.8.7  11.4  10.5  10.6  10.2  (15) 
Total$77.7  $87.4  $83.7  $83.2  $81.0  (4) 
Average discount rate (H)2.34 %2.36 %2.39 %2.37 %2.37 %
Average fee per card (dollars) (I)$63  $61  $59  $57  $54  17  

See Appendix IV for footnote references

American Express Company(Preliminary)
Selected Credit Related Statistical Information
(Billions, except percentages and where indicated)

 Q1'20Q4'19Q3'19Q2'19Q1'19YOY % change
Worldwide Card Member loans      
U.S.$69.0  $76.0  $73.2  $72.6  $70.8  (3) 
Outside the U.S.$8.7  $11.4  $10.5  $10.6  $10.2  (15) 
Total loans$77.7  $87.4  $83.7  $83.2  $81.0  (4) 
Credit loss reserves (millions)
Beginning balance (J)$4,027  $2,232  $2,168  $2,121  $2,134  89  
Provisions - principal, interest and fees1,876  730  604  603  525   
Net write-offs - principal less recoveries(518) (493) (447) (463) (457) 13  
Net write-offs - interest and fees less recoveries(107) (98) (91) (94) (92) 16  
Other (K)(42) 12  (2)  11   
Ending balance $5,236  $2,383  $2,232  $2,168  $2,121   
% of loans6.7 %2.7 %2.7 %2.6 %2.6 %
% of past due 406 %177 %176 %186 %178 %
Average loans$83.4  $85.2  $83.3  $81.9  $80.6   
Net write-off rate (principal only) (L)2.5 %2.3 %2.1 %2.3 %2.3 %
Net write-off rate (principal, interest and fees) (L)3.0 %2.8 %2.6 %2.7 %2.7 %
30+ days past due as a % of total 1.7 %1.5 %1.5 %1.4 %1.5 %
Net interest income divided by average Card Member loans (M)11.2 %10.7 %10.6 %10.1 %10.2 %
Net interest yield on average Card Member loans (M)11.9 %11.3 %11.2 %10.9 %11.1 %
Worldwide Card Member receivables      
U.S.$32.6  $39.0  $39.0  $40.3  $39.7  (18) 
Outside the U.S.$12.1  $18.4  $17.6  $18.4  $17.1  (29) 
Total receivables$44.7  $57.4  $56.6  $58.7  $56.8  (21) 
Credit loss reserves (millions)
Beginning balance (J)$126  $615  $616  $608  $573  (78) 
Provisions - principal and fees597  248  238  224  253   
Net write-offs - principal and fees less recoveries(258) (243) (231) (210) (216) 19  
Other (K)(6) (1) (8) (6) (2)  
Ending balance$459  $619  $615  $616  $608  (25) 
% of receivables1.0 %1.1 %1.1 %1.0 %1.1 %
Net write-off rate (principal and fees) (L)1.9 %1.7 %1.6 %1.5 %1.6 %
Net write-off rate, excluding Global Corporate Payments (GCP) (principal and fees) (L)(N)2.3 %2.1 %2.0 %1.9 %2.0 %
Net write-off rate, excluding GCP (principal only) (L)(N)2.1 %1.9 %1.8 %1.7 %1.8 %
30+ days past due as a % of total, excluding GCP (N)1.9 %1.4 %1.5 %1.4 %1.5 %

# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references

American Express Company (Preliminary)
Selected Income Statement Information by Segment 

Global Consumer Services Group
Global Commercial Services
Global Merchant and Network Services
Corporate and OtherConsolidated
Non-interest revenues (O)$3,894  $2,788  $1,346  $(48) $7,980  
Interest income2,411  499   130  3,046  
Interest expense (P)328  200  (36) 224  716  
Total revenues net of interest expense5,977  3,087  1,388  (142) 10,310  
Total provisions for credit losses1,810  762  48   2,621  
Total revenues net of interest expense after provisions for credit losses4,167  2,325  1,340  (143) 7,689  
Marketing, business development, and Card Member rewards and services2,702  1,508  324  19  4,553  
Salaries and employee benefits and other operating expenses (O)1,234  798  465  187  2,684  
Pretax income (loss)231  19  551  (349) 452  
Income tax provision (benefit)30  (19) 134  (60) 85  
Net income (loss)201  38  417  (289) 367  
Non-interest revenues (O)$3,912  $2,926  $1,449  $18  $8,305  
Interest income2,272  454   219  2,954  
Interest expense (P)435  256  (80) 284  895  
Total revenues net of interest expense5,749  3,124  1,538  (47) 10,364  
Total provisions for credit losses551  254   —  809  
Total revenues net of interest expense after provisions for credit losses5,198  2,870  1,534  (47) 9,555  
Marketing, business development, and Card Member rewards and services2,789  1,469  304  14  4,576  
Salaries and employee benefits and other operating expenses (O)1,195  756  473  597  3,021  
Pretax income (loss)1,214  645  757  (658) 1,958  
Income tax provision (benefit)260  133  186  (171) 408  
Net income (loss)954  512  571  (487) 1,550  
YOY % change
Non-interest revenues—  (5) (7)  (4) 
Interest income 10  (33) (41)  
Interest expense(25) (22) (55) (21) (20) 
Total revenues net of interest expense (1) (10)  (1) 
Total provisions for credit losses   —   
Total revenues net of interest expense after provisions for credit losses(20) (19) (13)  (20) 
Marketing, business development, and Card Member rewards and services(3)