American Express 2003 Annual Report Download - page 76

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(p.74_axp_ consolidated financial statements)
Consolidated Statements of Income
AMERICAN EXPRESS COMPANY
Years Ended December 31, (Millions, except per share amounts) 2003 2002 2001
Revenues
Discount revenue $8,781 $7,931 $ 7,714
Net investment income 3,063 2,991 2,137
Management and distribution fees 2,450 2,285 2,458
Cardmember lending net finance charge revenue 2,042 1,828 1,704
Net card fees 1,835 1,726 1,675
Travel commissions and fees 1,507 1,408 1,537
Other commissions and fees 1,977 1,928 1,935
Insurance and annuity revenues 1,366 1,218 1,063
Securitization income, net 1,150 1,049 846
Other 1,695 1,443 1,513
Total 25,866 23,807 22,582
Expenses
Human resources 6,333 5,725 6,271
Provisions for losses and benefits:
Annuities and investment certificates 1,306 1,217 1,318
Life insurance, international banking and other 1,052 1,040 909
Charge card 853 960 1,195
Cardmember lending 1,218 1,369 1,318
Marketing, promotion, rewards and cardmember services 3,901 3,119 2,718
Professional services 2,248 2,021 1,651
Occupancy and equipment 1,529 1,458 1,574
Interest 905 1,082 1,501
Communications 517 514 528
Restructuring charges (2) (7) 605
Disaster recovery charge —(7) 90
Other 1,759 1,589 1,308
Total 21,619 20,080 20,986
Pretax income before accounting change 4,247 3,727 1,596
Income tax provision 1,247 1,056 285
Income before accounting change 3,000 2,671 1,311
Cumulative effect of accounting change, net of tax (Note 1) (13) ——
Net income $2,987 $2,671 $ 1,311
Earnings Per Common Share—Basic:
Income before accounting change $2.34 $2.02 $ 0.99
Net income $2.33 $2.02 $ 0.99
Earnings Per Common Share—Diluted:
Income before accounting change $2.31 $2.01 $ 0.98
Net income $2.30 $2.01 $ 0.98
Average common shares outstanding for earnings per common share:
Basic 1,284 1,320 1,324
Diluted 1,298 1,330 1,336
See Notes to Consolidated Financial Statements.