American Express reported robust Q2 2024 results with net income rising 39% to $3.0 billion ($4.15 per share), boosted by a $531 million gain from the sale of Accertify. Total revenues increased 8% to $16.3 billion, driven by 5% growth in billed business and 15% higher net card fees. Card Member loans grew 14% to $130.9 billion while maintaining best-in-class credit metrics.The company demonstrated strong operational performance with 4% growth in discount revenue and 20% increase in net interest income. Marketing expenses rose 5% as the company continued investing in premium customer acquisition, resulting in 3.3 million new proprietary cards. Operating expenses decreased 13%, primarily reflecting the Accertify sale gain and ongoing expense discipline, while maintaining elevated investments in growth initiatives.Customer engagement remained solid with Goods & Services spending up 5% and Travel & Entertainment up 6%. The company's premium global customer base and risk management focus kept credit performance strong, with net write-off and delinquency rates remaining at industry-leading levels. Management expressed confidence in the business model while acknowledging macroeconomic uncertainties, maintaining capital ratios within the 10-11% target range.

American Express reported robust Q2 2024 results with net income rising 39% to $3.0 billion ($4.15 per share), boosted by a $531 million gain from the sale of Accertify. Total revenues increased 8% to $16.3 billion, driven by 5% growth in billed business and 15% higher net card fees. Card Member loans grew 14% to $130.9 billion while maintaining best-in-class credit metrics.The company demonstrated strong operational performance with 4% growth in discount revenue and 20% increase in net interest income. Marketing expenses rose 5% as the company continued investing in premium customer acquisition, resulting in 3.3 million new proprietary cards. Operating expenses decreased 13%, primarily reflecting the Accertify sale gain and ongoing expense discipline, while maintaining elevated investments in growth initiatives.Customer engagement remained solid with Goods & Services spending up 5% and Travel & Entertainment up 6%. The company's premium global customer base and risk management focus kept credit performance strong, with net write-off and delinquency rates remaining at industry-leading levels. Management expressed confidence in the business model while acknowledging macroeconomic uncertainties, maintaining capital ratios within the 10-11% target range.