American Express 2015 Annual Report Download - page 112

CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31 (Millions, except per share amounts) 2015 2014 2013
Revenues
Non-interest revenues
Discount revenue ......................................................... $ 19,297 $19,389 $ 18,591
Net card fees ............................................................. 2,700 2,712 2,631
Travel commissions and fees ............................................... 349 1,118 1,913
Other commissions and fees ................................................ 2,517 2,508 2,414
Other .................................................................... 2,033 2,989 2,274
Total non-interest revenues ............................................... 26,896 28,716 27,823
Interest income
Interest on loans .......................................................... 7,309 6,929 6,718
Interest and dividends on investment securities ............................... 157 179 201
Deposits with banks and other .............................................. 79 71 86
Total interest income .................................................... 7,545 7,179 7,005
Interest expense
Deposits ................................................................. 475 373 442
Long-term debt and other .................................................. 1,148 1,334 1,516
Total interest expense ................................................... 1,623 1,707 1,958
Net interest income ..................................................... 5,922 5,472 5,047
Total revenues net of interest expense ......................................... 32,818 34,188 32,870
Provisions for losses
Charge card .............................................................. 737 792 648
Card Member loans ....................................................... 1,190 1,138 1,115
Other .................................................................... 61 114 69
Total provisions for losses ................................................ 1,988 2,044 1,832
Total revenues net of interest expense after provisions for losses .................. 30,830 32,144 31,038
Expenses
Marketing and promotion .................................................. 3,109 3,216 2,939
Card Member rewards ..................................................... 6,996 6,931 6,457
Card Member services and other ............................................ 1,018 822 767
Salaries and employee benefits ............................................. 4,976 6,095 6,191
Other, net ................................................................ 6,793 6,089 6,796
Total expenses .......................................................... 22,892 23,153 23,150
Pretax income .............................................................. 7,938 8,991 7,888
Income tax provision ........................................................ 2,775 3,106 2,529
Net income ................................................................. $ 5,163 $ 5,885 $ 5,359
Earnings per Common Share — (Note 22) (a)
Basic .................................................................... $ 5.07 $ 5.58 $ 4.91
Diluted .................................................................. 5.05 5.56 4.88
Average common shares outstanding for earnings per common share:
Basic .................................................................... 999 1,045 1,082
Diluted .................................................................. 1,003 1,051 1,089
(a) Represents net income less (i) earnings allocated to participating share awards of $38 million, $46 million and $47 million for the years ended
December 31, 2015, 2014 and 2013, respectively, and (ii) dividends on preferred shares of $62 million for the year ended December 31, 2015,
and nil for the years ended December 31, 2014 and 2013.
See Notes to Consolidated Financial Statements.
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