American Express 2002 Annual Report Download - page 56

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I54 AXP ICONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME
American Express Company
Years Ended December 31, (Millions, except per share amounts) 2002 2001 2000
Revenues
Discount revenue $ 7,931 $ 7,714 $ 7,779
Interest and dividends, net 2,991 2,137 3,290
Management and distribution fees 2,285 2,458 2,812
Securitization income 1,941 1,432 1,012
Net card fees 1,726 1,675 1,651
Cardmember lending net finance charge revenue 1,485 1,424 1,255
Travel commissions and fees 1,408 1,537 1,821
Other commissions and fees 2,113 2,088 1,989
Life and other insurance revenues 802 674 575
Other 1,125 1,443 1,491
Total revenues 23,807 22,582 23,675
Expenses
Human resources 5,725 6,271 6,633
Provisions for losses and benefits:
Annuities and investment certificates 1,217 1,318 1,355
Life insurance, international banking and other 1,040 909 694
Charge card 960 1,195 1,006
Cardmember lending 1,369 1,318 891
Professional services 2,021 1,651 1,530
Marketing and promotion 1,548 1,301 1,515
Occupancy and equipment 1,458 1,574 1,528
Interest 1,082 1,501 1,354
Communications 514 528 514
Restructuring charges (7) 605 —
Disaster recovery charge (7) 90 —
Other 3,160 2,725 2,747
Total expenses 20,080 20,986 19,767
Pretax income 3,727 1,596 3,908
Income tax provision 1,056 285 1,098
Net income $ 2,671 $ 1,311 $ 2,810
Earnings Per Common Share
Basic $ 2.02 $ 0.99 $ 2.12
Diluted $ 2.01 $ 0.98 $ 2.07
Average common shares outstanding for
earnings per common share:
Basic 1,320 1,324 1,327
Diluted 1,330 1,336 1,360
See Notes to Consolidated Financial Statements.