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American Express Reports First Quarter EPS Of $1.33, Up 16 Percent From A Year Ago; Revenues, Loans And Card Member Spending Increase; Operating Expenses Decline From Year-Ago Levels

American Express Company (NYSE:AXP) today reported first-quarter net income of $1.4 billion, up from $1.3 billion a year ago. Diluted earnings per share rose 16 percent to $1.33, from $1.15 a year ago.

(Millions, except percentages and per share amounts)

             

Quarters Ended

March 31,

Percentage

Inc/(Dec)

2014     2013
Total Revenues Net of Interest Expense $ 8,199 $ 7,881 4%
Net Income $ 1,432 $ 1,280 12%
Earnings Per Common Share – Diluted:

Net Income Attributable to CommonShareholders 1

$ 1.33 $ 1.15 16%
Average Diluted Common Shares Outstanding 1,067 1,106 (4)%
Return on Average Equity 28.3% 23.2%

Consolidated total revenues net of interest expense rose to $8.2 billion in the quarter, up 4 percent (5 percent when adjusted for foreign currency translations 2) from $7.9 billion a year ago. The increase reflected higher Card Member spending and higher net interest income.

Consolidated provisions for losses totaled $485 million, up 17 percent from $416 million a year ago. The increase reflected a larger reserve release a year ago, offset, in part, by the benefit of lower net write-offs this quarter.

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