American Express 2001 Annual Report Download - page 50

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axp_48
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Income
AMERICAN EXPRESS COMPANY
Years Ended December 31, (Millions, except per share amounts) 2001 2000 1999
Revenues
Discount revenue $ 7,714 $ 7,779 $ 6,741
Interest and dividends, net 2,137 3,290 3,346
Management and distribution fees 2,458 2,812 2,269
Net card fees 1,675 1,651 1,599
Travel commissions and fees 1,537 1,821 1,802
Other commissions and fees 2,432 2,344 1,824
Cardmember lending net finance charge revenue 912 987 1,333
Life and other insurance revenues 674 575 517
Other 3,043 2,416 1,847
Total 22,582 23,675 21,278
Expenses
Human resources 6,271 6,633 6,038
Provisions for losses and benefits:
Annuities and investment certificates 1,318 1,355 1,377
Life insurance, international banking and other 909 694 639
Charge card 1,195 1,006 865
Cardmember lending 1,318 891 799
Professional services 1,651 1,530 1,322
Occupancy and equipment 1,574 1,528 1,328
Interest 1,501 1,354 1,051
Marketing and promotion 1,301 1,515 1,424
Communications 528 514 518
Restructuring charges 605
——
Disaster recovery charge 90
——
Other 2,725 2,747 2,479
Total 20,986 19,767 17,840
Pretax income 1,596 3,908 3,438
Income tax provision 285 1,098 963
Net income $ 1,311 $ 2,810 $ 2,475
Earnings Per Common Share
Basic $ 0.99 $ 2.12 $ 1.85
Diluted $ 0.98 $ 2.07 $ 1.81
Average common shares outstanding for
earnings per common share:
Basic 1,324 1,327 1,340
Diluted 1,336 1,360 1,369
See notes to consolidated financial statements.