American Express 2008 Annual Report Download - page 67
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consolidated statements of income
american express company
65
Years Ended December 31, (Millions, except per share amounts) 2008 2007 2006
Revenues
Non-interest revenues
Discount revenue $15,025 $14,596 $12,978
Net card fees 2,150 1,919 1,824
Travel commissions and fees 2,010 1,926 1,778
Other commissions and fees 2,307 2,417 2,233
Securitization income, net 1,070 1,507 1,489
Other 2,157 1,751 1,689
Total non-interest revenues 24,719 24,116 21,991
Interest income
Interest and fees on loans 6,159 6,351 4,869
Interest and dividends on investment securities 771 673 561
Deposits with banks and other 271 400 271
Total interest income 7,201 7,424 5,701
Interest expense
Deposits 454 566 543
Short-term borrowings 483 731 623
Long-term debt 2,573 2,641 1,663
Other 45 43 37
Total interest expense 3,555 3,981 2,866
Net interest income 3,646 3,443 2,835
Total revenues net of interest expense 28,365 27,559 24,826
Provisions for losses
Charge card 1,363 1,140 935
Cardmember lending 4,231 2,761 1,623
Other 204 202 108
Total provisions for losses 5,798 4,103 2,666
Total revenues net of interest expense after provisions for losses 22,567 23,456 22,160
Expenses
Marketing, promotion, rewards and cardmember services 7,361 7,817 6,504
Salaries and employee benefits 6,090 5,438 5,040
Professional services 2,413 2,280 2,263
Other, net 3,122 2,227 3,201
Total 18,986 17,762 17,008
Pretax income from continuing operations 3,581 5,694 5,152
Income tax provision 710 1,568 1,527
Income from continuing operations 2,871 4,126 3,625
(Loss) Income from discontinued operations, net of tax (172) (114) 82
Net income $ 2,699 $ 4,012 $ 3,707
Earnings per Common Share — Basic:
Income from continuing operations $ 2.49 $ 3.52 $ 2.99
(Loss) Income from discontinued operations (0.15) (0.10) 0.07
Net income $ 2.34 $ 3.42 $ 3.06
Earnings per Common Share — Diluted:
Income from continuing operations $ 2.48 $ 3.45 $ 2.93
(Loss) Income from discontinued operations (0.15) (0.09) 0.06
Net income $ 2.33 $ 3.36 $ 2.99
Average common shares outstanding for earnings per common share:
Basic 1,154 1,173 1,212
Diluted 1,157 1,196 1,238
See Notes to Consolidated Financial Statements.