American Express reported robust Q2 2024 results, with net income surging 39% year-over-year to $3 billion, or $4.15 per share. Total revenues net of interest expense increased 8% to $16.3 billion, driven by a 5% rise in billed business and a 15% growth in net card fees. The company's premium customer base and strategic investments continued to fuel strong performance across segments.Provisions for credit losses rose 6% to $1.27 billion, reflecting higher net write-offs partially offset by a lower reserve build. Credit metrics remained best-in-class, with a net write-off rate of 2.4%. Total expenses increased marginally by 1% to $11.3 billion, including a $531 million gain from the sale of Accertify. Marketing expenses grew 5% as the company maintained elevated investment in customer acquisition and growth initiatives.American...Show More

American Express reported robust Q2 2024 results, with net income surging 39% year-over-year to $3 billion, or $4.15 per share. Total revenues net of interest expense increased 8% to $16.3 billion, driven by a 5% rise in billed business and a 15% growth in net card fees. The company's premium customer base and strategic investments continued to fuel strong performance across segments.Provisions for credit losses rose 6% to $1.27 billion, reflecting higher net write-offs partially offset by a lower reserve build. Credit metrics remained best-in-class, with a net write-off rate of 2.4%. Total expenses increased marginally by 1% to $11.3 billion, including a $531 million gain from the sale of Accertify. Marketing expenses grew 5% as the company maintained elevated investment in customer acquisition and growth initiatives.American Express reaffirmed its commitment to long-term growth, highlighting the earnings power of its business model. The company returned $2.3 billion to shareholders through share repurchases and dividends in Q2. Management expressed confidence in the company's ability to navigate economic uncertainties while continuing to invest in premium products, differentiated services, and strategic partnerships.