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![American Express Co [AXP] reports annual net loss of $8.4 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FAXP.png&w=1200&q=75)
AMERICAN EXPRESS CO [AXP] has reported a net loss of $8.4 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $47.4 billion
Based in NEW YORK, New York, AMERICAN EXPRESS CO operates in the FINANCE sector.
In the Consolidated Statements of Income for the 12 Months Ended December 31, 2023, compared to the same period in 2022 and 2021, the following key financial metrics were observed:
Total non-interest revenues for the current reporting period amounted to $47.4 million, showing an increase from $43.0 million in the previous year and $34.6 million in 2021.
Interest income, including interest on loans, interest and dividends on investment securities, and deposits with banks and others, totaled $20.0 million for 2023. This reflects a notable growth compared to $12.7 million in 2022 and $9.0 million in 2021.
The net interest income reached $13.1 million for 2023, higher than the figures for 2022 ($9.9 million) and 2021 ($7.8 million).
Total revenues, net of interest expense, stood at $60.5 million for 2023, an increase from $52.9 million in the previous year and $42.4 million in 2021.
The provisions for credit losses increased to $4.9 million in 2023 from $2.2 million in 2022, but showed a significant improvement from a negative value of $(1.4) million in 2021.
Total expenses, including card member rewards, business development, card member services, marketing, salaries, and other expenses, amounted to $45.1 million for 2023, up from $41.1 million in 2022 and $33.1 million in 2021.
Pretax income saw an increase to $10.5 million in 2023 from $9.6 million in 2022, but slightly lower than $10.7 million in 2021.
Income tax provision also increased to $2.1 million in 2023 from $2.1 million in 2022, surpassing the 2021 figure of $2.6 million.
Overall, the net income reached $8.4 million in 2023, showing a growth trend from $7.5 million in 2022 and $8.1 million in 2021.
Earnings per Common Share for Basic and Diluted amounts were $11.23 and $11.21, respectively, in 2023, compared to $9.86 and $9.85 in 2022, and $10.04 and $10.02 in 2021.
These financial results indicate a positive performance for the company in the current reporting period compared to the previous years, with increased revenues and net income, despite higher expenses and provisions for credit losses.
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