AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 43: 
TABLE 1: SUMMARY OF FINANCIAL PERFORMANCE
|    |                                                                          |         |         |         |      |         |               |         |               |     |        |       |         |    |    |      |    |        |     |    |
|---:|:-------------------------------------------------------------------------|:--------|:--------|:--------|:-----|:--------|:--------------|:--------|:--------------|:----|:-------|:------|:--------|:---|:---|:-----|:---|:-------|:----|:---|
|  1 | Years Ended December 31,                                                 |         |         |         |      |         | Change        |         | Change        |     |        |       |         |    |    |      |    |        |     |    |
|  2 | (Millions, except percentages, per share amounts and where indicated)    | 2023    |         | 2022    |      | 2021    | 2023 vs. 2022 |         | 2022 vs. 2021 |     |        |       |         |    |    |      |    |        |     |    |
|  3 | Selected Income Statement Data                                           |         |         |         |      |         |               |         |               |     |        |       |         |    |    |      |    |        |     |    |
|  4 | Total revenues net of interest expense                                   | $       | 60,515  |         | $    | 52,862  | $             | 42,380  |               | $   | 7,653  |       |         | 14 | %  |      | $  | 10,482 | 25  | %  |
|  5 | Provisions for credit losses                                             | 4,923   |         | 2,182   |      | (1,419) | 2,741         |         |               | #   |        | 3,601 |         |    | #  |      |    |        |     |    |
|  6 | Total expenses                                                           | 45,079  |         | 41,095  |      | 33,110  | 3,984         |         |               | 10  |        |       | 7,985   |    |    | 24   |    |        |     |    |
|  7 | Pretax income                                                            | 10,513  |         | 9,585   |      | 10,689  | 928           |         |               | 10  |        |       | (1,104) |    |    | (10) |    |        |     |    |
|  8 | Income tax provision                                                     | 2,139   |         | 2,071   |      | 2,629   | 68            |         |               | 3   |        |       | (558)   |    |    | (21) |    |        |     |    |
|  9 | Net income                                                               | 8,374   |         | 7,514   |      | 8,060   | 860           |         |               | 11  |        |       | (546)   |    |    | (7)  |    |        |     |    |
| 10 | Earnings per common share - diluted (a)                                  | $       | 11.21   |         | $    | 9.85    | $             | 10.02   |               | $   | 1.36   |       |         | 14 | %  |      | $  | (0.17) | (2) | %  |
| 12 | Selected Balance Sheet Data                                              |         |         |         |      |         |               |         |               |     |        |       |         |    |    |      |    |        |     |    |
| 13 | Cash and cash equivalents                                                | $       | 46,596  |         | $    | 33,914  | $             | 22,028  |               | $   | 12,682 |       |         | 37 | %  |      | $  | 11,886 | 54  | %  |
| 14 | Card Member receivables                                                  | 60,411  |         | 57,613  |      | 53,645  | 2,798         |         |               | 5   |        |       | 3,968   |    |    | 7    |    |        |     |    |
| 15 | Card Member loans                                                        | 125,995 |         | 107,964 |      | 88,562  | 18,031        |         |               | 17  |        |       | 19,402  |    |    | 22   |    |        |     |    |
| 16 | Customer deposits                                                        | 129,144 |         | 110,239 |      | 84,382  | 18,905        |         |               | 17  |        |       | 25,857  |    |    | 31   |    |        |     |    |
| 17 | Long-term debt                                                           | $       | 47,866  |         | $    | 42,573  | $             | 38,675  |               | $   | 5,293  |       |         | 12 | %  |      | $  | 3,898  | 10  | %  |
| 19 | Common Share Statistics (b)                                              |         |         |         |      |         |               |         |               |     |        |       |         |    |    |      |    |        |     |    |
| 20 | Cash dividends declared per common share                                 | $       | 2.40    |         | $    | 2.08    | $             | 1.72    |               | $   | 0.32   |       |         | 15 | %  |      | $  | 0.36   | 21  | %  |
| 21 | Average common shares outstanding:                                       |         |         |         |      |         |               |         |               |     |        |       |         |    |    |      |    |        |     |    |
| 22 | Basic                                                                    | 735     |         | 751     |      | 789     | (16)          |         |               | (2) | %      |       | (38)    |    |    | (5)  | %  |        |     |    |
| 23 | Diluted                                                                  | 736     |         | 752     |      | 790     | (16)          |         |               | (2) | %      |       | (38)    |    |    | (5)  | %  |        |     |    |
| 25 | Selected Metrics and Ratios                                              |         |         |         |      |         |               |         |               |     |        |       |         |    |    |      |    |        |     |    |
| 26 | Network volumes (Billions)                                               | $       | 1,680.1 |         | $    | 1,552.8 | $             | 1,284.2 |               | $   | 127    |       |         | 8  | %  |      | $  | 269    | 21  | %  |
| 27 | Billed business (Billions)                                               | $       | 1,459.6 |         | $    | 1,338.3 | $             | 1,089.8 |               | $   | 121    |       |         | 9  | %  |      | $  | 249    | 23  | %  |
| 28 | Card Member loans and receivables                                        |         |         |         |      |         |               |         |               |     |        |       |         |    |    |      |    |        |     |    |
| 29 | Net write-off rate - principal, interest and fees (c)                    | 2.0     | %       |         | 1.0  | %       | 0.8           | %       |               |     |        |       |         |    |    |      |    |        |     |    |
| 30 | Net write-off rate - principal only - consumer and small business (c)(d) | 1.8     | %       |         | 0.9  | %       | 0.7           | %       |               |     |        |       |         |    |    |      |    |        |     |    |
| 31 | 30+ days past due as a % of total - consumer and small business (e)      | 1.3     | %       |         | 1.1  | %       | 0.7           | %       |               |     |        |       |         |    |    |      |    |        |     |    |
| 32 | Effective tax rate                                                       | 20.3    | %       |         | 21.6 | %       | 24.6          | %       |               |     |        |       |         |    |    |      |    |        |     |    |
| 35 | Return on average equity (f)                                             | 31.5    | %       |         | 32.3 | %       | 33.7          | %       |               |     |        |       |         |    |    |      |    |        |     |    |
| 36 | Common Equity Tier 1                                                     | 10.5    | %       |         | 10.3 | %       | 10.5          | %       |               |     |        |       |         |    |    |      |    |        |     |    |
| 44 | # Denotes a variance of 100 percent or more                              |         |         |         |      |         |               |         |               |     |        |       |         |    |    |      |    |        |     |    |
(a)Represents net income, less (i) earnings allocated to participating share awards of $64 million, $57 million and $56 million for the years ended December 31, 2023, 2022 and 2021, respectively, (ii) dividends on preferred shares of $58 million, $57 million and $71 million for the years ended December 31, 2023, 2022 and 2021, respectively, and (iii) equity-related adjustments of $16 million related to the redemption of preferred shares for the year ended December 31, 2021. Refer to Note 16 and Note 21 to the "Consolidated Financial Statements" for further details on preferred shares and earnings per common share (EPS), respectively.
(b)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
(c)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
(d)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 12 for 90+ days past billing metrics for corporate receivables.
(f)Return on average equity (ROE) is calculated by dividing (i) net income for the period by (ii) average shareholders' equity for the period.
43




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 45: 
CONSOLIDATED RESULTS OF OPERATIONS


The discussions in the "Consolidated Results of Operations" and "Business Segment Results of Operations" provide commentary on the variances for the year ended December 31, 2023 compared to the year ended December 31, 2022, as presented in the accompanying tables. For a discussion of the financial condition and results of operations for 2022 compared to 2021, please refer to Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 10, 2023. 


TABLE 2: TOTAL REVENUES NET OF INTEREST EXPENSE SUMMARY 
|    |                                             |        |        |      |        |      |        |               |               |        |    |       |       |       |    |    |    |    |        |    |    |
|---:|:--------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:--------------|:--------------|:-------|:---|:------|:------|:------|:---|:---|:---|:---|:-------|:---|:---|
|  1 | Years Ended December 31,                    |        |        |      |        |      |        | Change        | Change        |        |    |       |       |       |    |    |    |    |        |    |    |
|  2 | (Millions, except percentages)              | 2023   |        | 2022 |        | 2021 |        | 2023 vs. 2022 | 2022 vs. 2021 |        |    |       |       |       |    |    |    |    |        |    |    |
|  3 | Discount revenue                            | $      | 33,416 |      |        | $    | 30,739 |               | $             | 24,563 | $  | 2,677 |       |       | 9  | %  |    | $  | 6,176  | 25 | %  |
|  4 | Net card fees                               | 7,255  |        |      | 6,070  |      |        | 5,195         |               | 1,185  | 20 |       |       | 875   |    |    | 17 |    |        |    |    |
|  5 | Service fees and other revenue              | 5,005  |        |      | 4,521  |      |        | 3,316         |               | 484    | 11 |       |       | 1,205 |    |    | 36 |    |        |    |    |
|  6 | Processed revenue                           | 1,705  |        |      | 1,637  |      |        | 1,556         |               | 68     | 4  |       |       | 81    |    |    | 5  |    |        |    |    |
|  7 | Total non-interest revenues                 | 47,381 |        |      | 42,967 |      |        | 34,630        |               | 4,414  | 10 |       |       | 8,337 |    |    | 24 |    |        |    |    |
|  8 | Total interest income                       | 19,983 |        |      | 12,658 |      |        | 9,033         |               | 7,325  | 58 |       |       | 3,625 |    |    | 40 |    |        |    |    |
|  9 | Total interest expense                      | 6,849  |        |      | 2,763  |      |        | 1,283         |               | 4,086  | #  |       | 1,480 |       |    | #  |    |    |        |    |    |
| 10 | Net interest income                         | 13,134 |        |      | 9,895  |      |        | 7,750         |               | 3,239  | 33 |       |       | 2,145 |    |    | 28 |    |        |    |    |
| 11 | Total revenues net of interest expense      | $      | 60,515 |      |        | $    | 52,862 |               | $             | 42,380 | $  | 7,653 |       |       | 14 | %  |    | $  | 10,482 | 25 | %  |
| 12 | # Denotes a variance of 100 percent or more |        |        |      |        |      |        |               |               |        |    |       |       |       |    |    |    |    |        |    |    |

TOTAL REVENUES NET OF INTEREST EXPENSE

Discount revenue increased, primarily driven by an increase in billed business of 9 percent. See Tables 5 and 6 for more details on billed business performance.
Net card fees increased, primarily driven by growth in our premium card portfolios. See Table 5 for more details on proprietary cards-in-force and average fee per card.
Service fees and other revenue increased, primarily driven by foreign exchange related revenues associated with Card Member cross-currency spending and growth in delinquency fees.
Processed revenue increased, primarily driven by an increase in network partner volumes, partially offset by a decrease in volumes associated with the decommission of one of our alternative payment solutions. See Tables 5 and 6 for more details on processed volume performance.
Interest income increased, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased, primarily driven by higher interest rates paid on customer deposits.
45






Question: What is the relation between Billed Business and Discount Revenue of American Express for fiscal years 2021, 2022, and 2023?
Answer: Billed Business Trend (2021-2023):
2021: $1,089.8 billion
2022: $1,338.3 billion (23% increase from 2021)
2023: $1,459.6 billion (9% increase from 2022)

Discount Revenue Trend:
2021: $24,563 million
2022: $30,739 million (25.1% increase)
2023: $33,416 million (8.7% increase)
Analysis: The growth in billed business, which increased by 23% from 2021 to 2022 and 9% from 2022 to 2023, correlates with the rise in discount revenue. The percentage of discount revenue relative to billed business remained stable at around 2.25% to 2.30%, indicating that higher billed business directly boosts discount revenue while maintaining a consistent discount margin.