American Express 2011 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2011 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 113

  • 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
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113

AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31 (Millions, except per share amounts) 2011 2010 2009
Revenues
Non-interest revenues
Discount revenue $ 16,734 $ 14,880 $ 13,202
Net card fees 2,183 2,102 2,151
Travel commissions and fees 1,971 1,773 1,591
Other commissions and fees 2,269 2,031 1,778
Securitization income, net –– 400
Other 2,164 1,927 2,090
Total non-interest revenues 25,321 22,713 21,212
Interest income
Interest and fees on loans 6,537 6,783 4,468
Interest and dividends on investment securities 327 443 804
Deposits with banks and other 97 66 59
Total interest income 6,961 7,292 5,331
Interest expense
Deposits 528 546 425
Short-term borrowings 11 337
Long-term debt and other 1,781 1,874 1,745
Total interest expense 2,320 2,423 2,207
Net interest income 4,641 4,869 3,124
Total revenues net of interest expense 29,962 27,582 24,336
Provisions for losses
Charge card 770 595 857
Cardmember loans 253 1,527 4,266
Other 89 85 190
Total provisions for losses 1,112 2,207 5,313
Total revenues net of interest expense after provisions for losses 28,850 25,375 19,023
Expenses
Marketing, promotion, rewards and cardmember services 9,930 8,738 6,563
Salaries and employee benefits 6,252 5,566 5,080
Professional services 2,951 2,806 2,408
Other, net 2,761 2,301 2,131
Total 21,894 19,411 16,182
Pretax income from continuing operations 6,956 5,964 2,841
Income tax provision 2,057 1,907 704
Income from continuing operations 4,899 4,057 2,137
Income (loss) from discontinued operations, net of tax 36 –(7)
Net income $ 4,935 $ 4,057 $ 2,130
Earnings per Common Share – Basic: (Note 18)
Income from continuing operations attributable to common shareholders(a) $4.11$ 3.37 $ 1.55
Income (loss) from discontinued operations 0.03 – (0.01)
Net income attributable to common shareholders(a) $4.14$ 3.37 $ 1.54
Earnings per Common Share – Diluted: (Note 18)
Income from continuing operations attributable to common shareholders(a) $4.09$ 3.35 $ 1.54
Income (loss) from discontinued operations 0.03 ––
Net income attributable to common shareholders(a) $4.12$ 3.35 $ 1.54
Average common shares outstanding for earnings per common share:
Basic 1,178 1,188 1,168
Diluted 1,184 1,195 1,171
(a) Represents income from continuing operations or net income, as applicable, less (i) accelerated preferred dividend accretion of $212 million fortheyearended
December 31, 2009 due to the repurchase of $3.39 billion of preferred shares issued as part of the Capital Purchase Program, (ii) preferred share dividends and
related accretion of $94 million for the year ended December 31, 2009 and (iii) earnings allocated to participating share awards and other items of $58 million,
$51 million and $22 million for the years ended December 31, 2011, 2010 and 2009, respectively.
See Notes to Consolidated Financial Statements.
55