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 $1.15 a year ago.
(Millions, except percentages and per share amounts)
|Total Revenues Net of Interest Expense||$||8,199||$||7,881||4%|
|Earnings Per Common Share – Diluted:|
Net Income Attributable to CommonShareholders 1
|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.