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American Express: Q2 2022 Earnings Update

  • American Express reported an increase in total revenue net of interest expense by 31% in Q2 2022 on an annual basis
  • American Express reported a Diluted EPS of $2.57, down 8% year-over-year
  • American Express guidance for the full year of 2022 has increased for revenue growth and remains unchanged for EPS

On July 22, 2022, American Express reported Q2 total revenues net of interest expense were $13.4 billion (an increase of 31% year-over-year) on diluted earnings per share (Diluted EPS) of $2.57.

SummaryAmerican Express Q2 2022 total revenues net of interest expense increased by 31% compared to the same period in 2021 owing to the increased spending by its Card Members on global travel and entertainment. Card Member spending was increased by 30% year-over-year on an FX-adjusted basis. Total Network Volumes were $395 billion, up 25% from the previous year. The bank had a Common Equity Tier 1 (CET1) ratio of 10.3%, remained in the expected range of 10%-11%. The bank had a $410 million provision for credit losses in the quarter, up $1.02 billion from the previous year.

American Express had three reportable operating segments: Global Consumer Services Group (GCSG), Global Commercial Services (GCS), and Global Merchant and Network Services (GMNS).

  • GCSG: Total revenues net of interest expense were $7.8 billion, up 29% from a year ago, driven by increased spending by Card Members.
  • GCS: Total revenues net of interest expense were $4.0 billion, up 30% from a year ago, owing to growth in Card Member spending compared to the previous year.
  • GMNS: Total revenues net of interest expense were $1.6 billion, up 32% from a year ago, driven by higher network volumes this year.

Guidance: American Express expectations for the full year 2022 -

  • Revenue growth: The company has raised its full-year revenue growth guidance from a range of 18% to 20% to a range of 23% to 25%.
  • EPS: The company is maintaining its full-year EPS guidance range of $9.25 to $9.65.
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