American Express 1998 Annual Report Download - page 34

Download and view the complete annual report

Please find page 34 of the 1998 American Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 63

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63

32
Years Ended December 31, (millions, except per share amounts) 1998 1997 1996
Revenues
Discount revenue $ 6,115 $ 5,666 $ 5,024
Interest and dividends, net 3,277 3,175 3,289
Management and distribution fees 1,851 1,486 1,205
Net card fees 1,587 1,604 1,668
Travel commissions and fees 1,647 1,489 1,422
Other commissions and fees 1,657 1,475 1,261
Cardmember lending net finance charge revenue 1,354 1,244 1,068
Life and other insurance premiums 469 424 395
Other 1,175 1,197 1,048
Total 19,132 17,760 16,380
Expenses
Human resources 5,380 4,700 4,325
Provisions for losses and benefits:
Annuities and investment certificates 1,425 1,414 1,405
Life insurance, international banking and other 822 567 544
Charge card 701 858 743
Cardmember lending 922 817 635
Interest 999 924 1,116
Occupancy and equipment 1,250 1,139 1,126
Marketing and promotion 1,228 1,118 1,071
Professional services 1,191 1,028 951
Communications 474 450 445
Other 1,815 1,995 1,355
Total 16,207 15,010 13,716
Pretax income 2,925 2,750 2,664
Income tax provision 784 759 763
Net income $ 2,141 $ 1,991 $ 1,901
Earnings per Common Share
Basic $ 4.71 $ 4.29 $ 4.02
Diluted $ 4.63 $ 4.15 $ 3.89
Average common shares outstanding for
earnings per common share:
Basic 454 464 472
Diluted 463 479 488
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME
AMERICAN EXPRESS COMPANY