NEW YORK--(BUSINESS WIRE)-- American Express Company (NYSE: AXP) today reported second-quarter net income of $3.0 billion, or $4.15 per share, compared with net income of $2.2 billion, or $2.89 per share, a year ago. Second-quarter earnings per share included a $0.66 gain from the sale of Accertify, which closed during the quarter. Excluding the transaction gain, adjusted EPS was $3.49, up 21 percent from the prior year.

Financial Highlight

• Second-quarter consolidated total revenues net of interest expense were $16.3 billion, up 8 percent from $15.1 billion a year ago. The increase was primarily driven by higher net interest income, increased Card Member spending, and continued strong card fee growth.

• Consolidated provisions for credit losses were $1.3 billion, compared with $1.2 billion a year ago. The increase reflected higher net write-offs, partially offset by a lower reserve build year-over-year.

• Consolidated expenses were $11.3 billion, up 1 percent from $11.1 billion a year ago. The increase primarily reflected higher variable customer engagement costs driven by higher Card Member spending and usage of travel-related benefits, and increased marketing investments, offset by lower operating expenses primarily due to the previously-mentioned gain from the sale of Accertify.

• The consolidated effective tax rate was 20.4 percent, compared to 20.5 percent a year ago, reflecting discrete tax benefits in both periods.

2024 Guidance