American Express 2015 Annual Report Download - page 72

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TABLE 8: NET INTEREST YIELD ON CARD MEMBER LOANS
Years Ended December 31,
(Millions, except percentages and where indicated) 2015 2014 2013
Net interest income .......................................................... $ 5,922 $5,472 $5,047
Exclude:
Interest expense not attributable to the Company’s Card Member loan portfolio .... 961 1,019 1,181
Interest income not attributable to the Company’s Card Member loan portfolio ..... (387) (359) (361)
Adjusted net interest income (a) ................................................ $6,496 $6,132 $5,867
Average loans including HFS loan portfolios (billions) (b) ........................... $ 69.0 $ 66.0 $ 63.3
Exclude certain non-traditional Card Member loans and other fees (billions) ......... (0.2) (0.2) (0.3)
Adjusted average loans (billions) (a) ............................................. $ 68.8 $ 65.8 $ 63.0
Net interest income divided by average loans .................................... 8.6% 8.3% 8.0%
Net interest yield on Card Member loans (a) ...................................... 9.4% 9.3% 9.3%
(a) Adjusted net interest income, adjusted average loans, and net interest yield on Card Member loans are non-GAAP measures. Refer to “Glossary
of Selected Terminology” for definitions of these terms. We believe adjusted net interest income and adjusted average loans are useful to
investors because they are components of net interest yield on Card Member loans, which provides a measure of profitability of our Card
Member loan portfolio.
(b) For purposes of the calculation of net interest yield on Card Member loans, average loans continues to include the HFS loan portfolios.
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