Market Updates
American Express Net Falls 6%, T&E Spending Reaches Pre-Pandemic Level in March
Scott Peters
22 Apr, 2022
New York City
American Express reported first quarter 2022 total revenues net of interest expenses increased 29% to $11.8 billion, net income declined 6% to $2 billion, and diluted earnings per share fell to $2.73 from $2.74 a year ago.
The financial services company lifted its quarterly dividend 21% to 52 cents a share.
In the quarter, the company processed through its global network a total of $350 billion in transactions, an increase of 30% from a year ago.
Transactions in the U.S. rose 31% to $244 billion and in international segment gained 26% to $106 billion.
Average proprietary basic card member spending increased 26% from a year ago to $5,965 in the U.S. and jumped 31% to $4,165 in the international segment averaging an increase of 28% to $5,452.
Total card member loans increased 27% to $88.8 billion.
Proprietary card member base increased 5% in the U.S. to 39.8 million and rose 3% to 17.8 million and total increased 5% to 57 million.
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