AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 94: 
CONSOLIDATED STATEMENTS OF INCOME
|    |                                                                           |        |        |      |        |      |        |         |    |        |
|---:|:--------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:--------|:---|:-------|
|  1 | Year Ended December 31 (Millions, except per share amounts)               | 2023   |        | 2022 |        | 2021 |        |         |    |        |
|  2 | Revenues                                                                  |        |        |      |        |      |        |         |    |        |
|  3 | Non-interest revenues                                                     |        |        |      |        |      |        |         |    |        |
|  4 | Discount revenue                                                          | $      | 33,416 |      |        | $    | 30,739 |         | $  | 24,563 |
|  5 | Net card fees                                                             | 7,255  |        |      | 6,070  |      |        | 5,195   |    |        |
|  6 | Service fees and other revenue                                            | 5,005  |        |      | 4,521  |      |        | 3,316   |    |        |
|  7 | Processed revenue                                                         | 1,705  |        |      | 1,637  |      |        | 1,556   |    |        |
|  8 | Total non-interest revenues                                               | 47,381 |        |      | 42,967 |      |        | 34,630  |    |        |
|  9 | Interest income                                                           |        |        |      |        |      |        |         |    |        |
| 10 | Interest on loans                                                         | 17,697 |        |      | 11,967 |      |        | 8,850   |    |        |
| 11 | Interest and dividends on investment securities                           | 128    |        |      | 96     |      |        | 83      |    |        |
| 12 | Deposits with banks and other                                             | 2,158  |        |      | 595    |      |        | 100     |    |        |
| 13 | Total interest income                                                     | 19,983 |        |      | 12,658 |      |        | 9,033   |    |        |
| 14 | Interest expense                                                          |        |        |      |        |      |        |         |    |        |
| 15 | Deposits                                                                  | 4,865  |        |      | 1,527  |      |        | 458     |    |        |
| 16 | Long-term debt and other                                                  | 1,984  |        |      | 1,236  |      |        | 825     |    |        |
| 17 | Total interest expense                                                    | 6,849  |        |      | 2,763  |      |        | 1,283   |    |        |
| 18 | Net interest income                                                       | 13,134 |        |      | 9,895  |      |        | 7,750   |    |        |
| 19 | Total revenues net of interest expense                                    | 60,515 |        |      | 52,862 |      |        | 42,380  |    |        |
| 20 | Provisions for credit losses                                              |        |        |      |        |      |        |         |    |        |
| 21 | Card Member receivables                                                   | 880    |        |      | 627    |      |        | (73)    |    |        |
| 22 | Card Member loans                                                         | 3,839  |        |      | 1,514  |      |        | (1,155) |    |        |
| 23 | Other                                                                     | 204    |        |      | 41     |      |        | (191)   |    |        |
| 24 | Total provisions for credit losses                                        | 4,923  |        |      | 2,182  |      |        | (1,419) |    |        |
| 25 | Total revenues net of interest expense after provisions for credit losses | 55,592 |        |      | 50,680 |      |        | 43,799  |    |        |
| 26 | Expenses                                                                  |        |        |      |        |      |        |         |    |        |
| 27 | Card Member rewards                                                       | 15,367 |        |      | 14,002 |      |        | 11,007  |    |        |
| 28 | Business development                                                      | 5,657  |        |      | 4,943  |      |        | 3,762   |    |        |
| 29 | Card Member services                                                      | 3,968  |        |      | 2,959  |      |        | 1,993   |    |        |
| 30 | Marketing                                                                 | 5,213  |        |      | 5,458  |      |        | 5,291   |    |        |
| 31 | Salaries and employee benefits                                            | 8,067  |        |      | 7,252  |      |        | 6,240   |    |        |
| 32 | Other, net                                                                | 6,807  |        |      | 6,481  |      |        | 4,817   |    |        |
| 33 | Total expenses                                                            | 45,079 |        |      | 41,095 |      |        | 33,110  |    |        |
| 34 | Pretax income                                                             | 10,513 |        |      | 9,585  |      |        | 10,689  |    |        |
| 35 | Income tax provision                                                      | 2,139  |        |      | 2,071  |      |        | 2,629   |    |        |
| 36 | Net income                                                                | $      | 8,374  |      |        | $    | 7,514  |         | $  | 8,060  |
| 37 | Earnings per Common Share - (Note 21)(a)                                  |        |        |      |        |      |        |         |    |        |
| 38 | Basic                                                                     | $      | 11.23  |      |        | $    | 9.86   |         | $  | 10.04  |
| 39 | Diluted                                                                   | $      | 11.21  |      |        | $    | 9.85   |         | $  | 10.02  |
| 40 | Average common shares outstanding for earnings per common share:          |        |        |      |        |      |        |         |    |        |
| 41 | Basic                                                                     |        |        |      | 751    |      |        | 789     |    |        |
| 42 | Diluted                                                                   |        |        |      | 752    |      |        | 790     |    |        |
(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.

See Notes to Consolidated Financial Statements.

94




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 95: 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|    |                                                                      |      |       |      |       |      |       |       |    |       |
|---:|:---------------------------------------------------------------------|:-----|:------|:-----|:------|:-----|:------|:------|:---|:------|
|  1 | Year Ended December 31 (Millions)                                    | 2023 |       | 2022 |       | 2021 |       |       |    |       |
|  2 | Net income                                                           | $    | 8,374 |      |       | $    | 7,514 |       | $  | 8,060 |
|  3 | Other comprehensive income (loss):                                   |      |       |      |       |      |       |       |    |       |
|  4 | Net unrealized debt securities gains (losses), net of tax            |      |       |      | (87)  |      |       | (42)  |    |       |
|  5 | Foreign currency translation adjustments, net of hedges and tax      |      |       |      | (230) |      |       | (163) |    |       |
|  6 | Net unrealized pension and other postretirement benefits, net of tax | 37   |       |      | 52    |      |       | 155   |    |       |
|  7 | Other comprehensive income (loss)                                    | 138  |       |      | (265) |      |       | (50)  |    |       |
|  8 | Comprehensive income                                                 | $    | 8,512 |      |       | $    | 7,249 |       | $  | 8,010 |

See Notes to Consolidated Financial Statements.

95




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 96: 
CONSOLIDATED BALANCE SHEETS
|    |                                                                                                                                                                                                                      |         |         |      |         |    |         |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--------|:--------|:-----|:--------|:---|:--------|
|  1 | December 31 (Millions, except share data)                                                                                                                                                                            | 2023    |         | 2022 |         |    |         |
|  2 | Assets                                                                                                                                                                                                               |         |         |      |         |    |         |
|  3 | Cash and cash equivalents                                                                                                                                                                                            |         |         |      |         |    |         |
|  4 | Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2023, nil; 2022, $5)                                                                                                   | $       | 7,118   |      |         | $  | 5,510   |
|  5 | Interest-bearing deposits in other banks (includes securities purchased under resale agreements: 2023, nil; 2022, $318)                                                                                              | 39,312  |         |      | 28,097  |    |         |
|  6 | Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2023, $66; 2022, $54)                                                                                  | 166     |         |      | 307     |    |         |
|  7 | Total cash and cash equivalents (includes restricted cash: 2023, $514; 2022, $544)                                                                                                                                   | 46,596  |         |      | 33,914  |    |         |
|  8 | Card Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2023, $4,587; 2022, $5,193), less reserves for credit losses: 2023, $174; 2022, $229 | 60,237  |         |      | 57,384  |    |         |
| 10 | Card Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2023, $28,590; 2022, $28,461), less reserves for credit losses: 2023, $5,118; 2022, $3,747       | 120,877 |         |      | 104,217 |    |         |
| 11 | Other loans, less reserves for credit losses: 2023, $126; 2022, $59                                                                                                                                                  | 6,960   |         |      | 5,357   |    |         |
| 12 | Investment securities                                                                                                                                                                                                | 2,186   |         |      | 4,578   |    |         |
| 13 | Premises and equipment, less accumulated depreciation and amortization: 2023, $9,911; 2022, $9,850                                                                                                                   | 5,138   |         |      | 5,215   |    |         |
| 14 | Other assets, less reserves for credit losses: 2023, $27; 2022, $22                                                                                                                                                  | 19,114  |         |      | 17,689  |    |         |
| 15 | Total assets                                                                                                                                                                                                         | $       | 261,108 |      |         | $  | 228,354 |
| 16 | Liabilities and Shareholders' Equity                                                                                                                                                                                 |         |         |      |         |    |         |
| 17 | Liabilities                                                                                                                                                                                                          |         |         |      |         |    |         |
| 18 | Customer deposits                                                                                                                                                                                                    | $       | 129,144 |      |         | $  | 110,239 |
| 19 | Accounts payable                                                                                                                                                                                                     | 13,109  |         |      | 12,133  |    |         |
| 20 | Short-term borrowings                                                                                                                                                                                                | 1,293   |         |      | 1,348   |    |         |
| 21 | Long-term debt (includes debt issued by consolidated variable interest entities: 2023, $13,426; 2022, $12,662)                                                                                                       | 47,866  |         |      | 42,573  |    |         |
| 22 | Other liabilities                                                                                                                                                                                                    | 41,639  |         |      | 37,350  |    |         |
| 23 | Total liabilities                                                                                                                                                                                                    | $       | 233,051 |      |         | $  | 203,643 |
| 24 | Contingencies and Commitments (Note 12)                                                                                                                                                                              |         |         |      |         |    |         |
| 25 | Shareholders' Equity                                                                                                                                                                                                 |         |         |      |         |    |         |
| 26 | Preferred shares, $1.662/3 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of December 31, 2023 and 2022 (Note 16)                                                                   | -       |         |      | -       |    |         |
| 27 | Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 723 million shares as of December 31, 2023 and 743 million shares as of December 31, 2022                                      | 145     |         |      | 149     |    |         |
| 28 | Additional paid-in capital                                                                                                                                                                                           | 11,372  |         |      | 11,493  |    |         |
| 29 | Retained earnings                                                                                                                                                                                                    | 19,612  |         |      | 16,279  |    |         |
| 30 | Accumulated other comprehensive income (loss)                                                                                                                                                                        | (3,072) |         |      | (3,210) |    |         |
| 31 | Total shareholders' equity                                                                                                                                                                                           | 28,057  |         |      | 24,711  |    |         |
| 32 | Total liabilities and shareholders' equity                                                                                                                                                                           | $       | 261,108 |      |         | $  | 228,354 |

See Notes to Consolidated Financial Statements.

96




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 97: 
CONSOLIDATED STATEMENTS OF CASH FLOWS
|    |                                                                                               |          |        |      |          |      |        |          |    |        |
|---:|:----------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:-------|:---------|:---|:-------|
|  1 | Years Ended December 31 (Millions)                                                            | 2023     |        | 2022 |          | 2021 |        |          |    |        |
|  2 | Cash Flows from Operating Activities                                                          |          |        |      |          |      |        |          |    |        |
|  3 | Net income                                                                                    | $        | 8,374  |      |          | $    | 7,514  |          | $  | 8,060  |
|  4 | Adjustments to reconcile net income to net cash provided by operating activities:             |          |        |      |          |      |        |          |    |        |
|  5 | Provisions for credit losses                                                                  | 4,923    |        |      | 2,182    |      |        | (1,419)  |    |        |
|  6 | Depreciation and amortization                                                                 | 1,651    |        |      | 1,626    |      |        | 1,695    |    |        |
|  7 | Stock-based compensation                                                                      | 450      |        |      | 375      |      |        | 330      |    |        |
|  8 | Deferred taxes                                                                                | (1,329)  |        |      | (1,189)  |      |        | 294      |    |        |
|  9 | Other items (a)                                                                               | 664      |        |      | 365      |      |        | (772)    |    |        |
| 10 | Originations of loans held-for-sale                                                           | (54)     |        |      | (277)    |      |        | -        |    |        |
| 11 | Proceeds from sales of loans held-for-sale                                                    | 59       |        |      | 277      |      |        | -        |    |        |
| 12 | Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |          |        |      |          |      |        |          |    |        |
| 13 | Other assets                                                                                  | (1,244)  |        |      | 1,391    |      |        | 1,068    |    |        |
| 14 | Accounts payable & other liabilities                                                          | 5,065    |        |      | 8,815    |      |        | 5,389    |    |        |
| 15 | Net cash provided by operating activities                                                     | 18,559   |        |      | 21,079   |      |        | 14,645   |    |        |
| 16 | Cash Flows from Investing Activities                                                          |          |        |      |          |      |        |          |    |        |
| 17 | Sale of investments                                                                           | 2        |        |      | 26       |      |        | 62       |    |        |
| 18 | Maturities and redemptions of investments                                                     | 3,888    |        |      | 1,892    |      |        | 20,032   |    |        |
| 19 | Purchase of investments                                                                       | (1,572)  |        |      | (4,175)  |      |        | (1,517)  |    |        |
| 20 | Net increase in Card Member loans and receivables, and other loans (b)                        | (25,124) |        |      | (29,562) |      |        | (27,557) |    |        |
| 21 | Purchase of premises and equipment, net of sales: 2023, $2; 2022, $1; 2021, $88               | (1,563)  |        |      | (1,855)  |      |        | (1,550)  |    |        |
| 22 | Net (Acquisitions)/dispositions, net of cash acquired                                         | (64)     |        |      | (15)     |      |        | 1        |    |        |
| 24 | Net cash used in investing activities                                                         | (24,433) |        |      | (33,689) |      |        | (10,529) |    |        |
| 25 | Cash Flows from Financing Activities                                                          |          |        |      |          |      |        |          |    |        |
| 26 | Net increase (decrease) in customer deposits                                                  | 18,915   |        |      | 25,902   |      |        | (2,468)  |    |        |
| 27 | Net (decrease) increase in short-term borrowings (b)                                          | (105)    |        |      | (706)    |      |        | 461      |    |        |
| 28 | Proceeds from long-term debt                                                                  | 15,674   |        |      | 23,230   |      |        | 7,788    |    |        |
| 29 | Payments of long-term debt                                                                    | (10,703) |        |      | (18,906) |      |        | (11,662) |    |        |
| 30 | Issuance of American Express preferred shares                                                 | -        |        |      | -        |      |        | 1,584    |    |        |
| 31 | Redemption of American Express preferred shares                                               | -        |        |      | -        |      |        | (1,600)  |    |        |
| 32 | Issuance of American Express common shares                                                    | 28       |        |      | 56       |      |        | 64       |    |        |
| 33 | Repurchase of American Express common shares and other                                        | (3,650)  |        |      | (3,502)  |      |        | (7,652)  |    |        |
| 34 | Dividends paid                                                                                | (1,780)  |        |      | (1,565)  |      |        | (1,448)  |    |        |
| 35 | Net cash provided by (used in) financing activities                                           | 18,379   |        |      | 24,509   |      |        | (14,933) |    |        |
| 36 | Effect of foreign currency exchange rates on cash and cash equivalents                        | 177      |        |      | (13)     |      |        | (120)    |    |        |
| 37 | Net increase (decrease) in cash and cash equivalents                                          | 12,682   |        |      | 11,886   |      |        | (10,937) |    |        |
| 38 | Cash and cash equivalents at beginning of year                                                | 33,914   |        |      | 22,028   |      |        | 32,965   |    |        |
| 39 | Cash and cash equivalents at end of year                                                      | $        | 46,596 |      |          | $    | 33,914 |          | $  | 22,028 |
(a)Includes gains and losses on fair value hedges, losses on tax credit investments, net gains and losses on Amex Ventures investments and changes in equity method investments.
(b)Excludes an increase of $117 million related to non-cash activity during 2023.
Net income taxes paid during 2023, 2022 and 2021 were $3.3 billion, $3.0 billion and $1.6 billion, respectively, and interest paid primarily related to Debt and Customer deposits for the same periods were $6.4 billion, $2.2 billion and $1.1 billion, respectively.

See Notes to Consolidated Financial Statements.

97




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 98: 
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
|    |                                                                  |         |        |                  |    |               |    |                            |                                               |         |                   |         |        |         |    |         |    |        |
|---:|:-----------------------------------------------------------------|:--------|:-------|:-----------------|:---|:--------------|:---|:---------------------------|:----------------------------------------------|:--------|:------------------|:--------|:-------|:--------|:---|:--------|:---|:-------|
|  1 | (Millions, except per share amounts)                             | Total   |        | Preferred Shares |    | Common Shares |    | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) |         | Retained Earnings |         |        |         |    |         |    |        |
|  2 | Balances as of December 31, 2020                                 | $       | 22,984 |                  |    | $             | -  |                            | $                                             | 161     |                   | $       | 11,881 |         | $  | (2,895) | $  | 13,837 |
|  4 | Net income                                                       | 8,060   |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | 8,060   |    |         |    |        |
|  5 | Other comprehensive loss                                         | (50)    |        |                  | -  |               |    | -                          |                                               | -       |                   | (50)    |        | -       |    |         |    |        |
|  6 | Preferred shares issued                                          | 1,584   |        |                  | -  |               |    | -                          |                                               | 1,584   |                   | -       |        | -       |    |         |    |        |
|  7 | Redemption of preferred shares                                   | (1,600) |        |                  | -  |               |    | -                          |                                               | (1,584) |                   | -       |        | (16)    |    |         |    |        |
|  8 | Repurchase of common shares                                      | (7,598) |        |                  | -  |               |    | (9)                        |                                               | (631)   |                   | -       |        | (6,958) |    |         |    |        |
|  9 | Other changes, primarily employee plans                          | 227     |        |                  | -  |               |    | 1                          |                                               | 245     |                   | -       |        | (19)    |    |         |    |        |
| 10 | Cash dividends declared preferred Series B, $36,419.41 per share | (27)    |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | (27)    |    |         |    |        |
| 11 | Cash dividends declared preferred Series C, $26,317.47 per share | (23)    |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | (23)    |    |         |    |        |
| 12 | Cash dividends declared preferred Series D, $13,213.89 per share | (21)    |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | (21)    |    |         |    |        |
| 13 | Cash dividends declared common, $1.72 per share                  | (1,359) |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | (1,359) |    |         |    |        |
| 14 | Balances as of December 31, 2021                                 | 22,177  |        |                  | -  |               |    | 153                        |                                               | 11,495  |                   | (2,945) |        | 13,474  |    |         |    |        |
| 16 | Net income                                                       | 7,514   |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | 7,514   |    |         |    |        |
| 17 | Other comprehensive loss                                         | (265)   |        |                  | -  |               |    | -                          |                                               | -       |                   | (265)   |        | -       |    |         |    |        |
| 20 | Repurchase of common shares                                      | (3,332) |        |                  | -  |               |    | (4)                        |                                               | (302)   |                   | -       |        | (3,026) |    |         |    |        |
| 21 | Other changes, primarily employee plans                          | 242     |        |                  | -  |               |    | -                          |                                               | 300     |                   | -       |        | (58)    |    |         |    |        |
| 24 | Cash dividends declared preferred Series D, $35,993.05 per share | (57)    |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | (57)    |    |         |    |        |
| 25 | Cash dividends declared common, $2.08 per share                  | (1,568) |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | (1,568) |    |         |    |        |
| 26 | Balances as of December 31, 2022                                 | 24,711  |        |                  | -  |               |    | 149                        |                                               | 11,493  |                   | (3,210) |        | 16,279  |    |         |    |        |
| 27 | Net income                                                       | 8,374   |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | 8,374   |    |         |    |        |
| 28 | Other comprehensive income                                       | 138     |        |                  | -  |               |    | -                          |                                               | -       |                   | 138     |        | -       |    |         |    |        |
| 31 | Repurchase of common shares                                      | (3,519) |        |                  | -  |               |    | (4)                        |                                               | (334)   |                   | -       |        | (3,181) |    |         |    |        |
| 32 | Other changes, primarily employee plans                          | 181     |        |                  | -  |               |    | -                          |                                               | 213     |                   | -       |        | (32)    |    |         |    |        |
| 35 | Cash dividends declared preferred Series D, $35,993.05 per share | (58)    |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | (58)    |    |         |    |        |
| 36 | Cash dividends declared common, $2.40 per share                  | (1,770) |        |                  | -  |               |    | -                          |                                               | -       |                   | -       |        | (1,770) |    |         |    |        |
| 37 | Balances as of December 31, 2023                                 | $       | 28,057 |                  |    | $             | -  |                            | $                                             | 145     |                   | $       | 11,372 |         | $  | (3,072) | $  | 19,612 |

See Notes to Consolidated Financial Statements.

98




, Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 85: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Financial Condition

(dollars in millions, except for share amounts)|    |                                                                                                                                                                                                                |              |         |      |          |    |         |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
|  1 |                                                                                                                                                                                                                | December 31, |         |      |          |    |         |
|  2 |                                                                                                                                                                                                                | 2023         |         | 2022 |          |    |         |
|  3 | Assets                                                                                                                                                                                                         |              |         |      |          |    |         |
|  4 | Cash and cash equivalents                                                                                                                                                                                      | $            | 11,685  |      |          | $  | 8,856   |
|  5 | Restricted cash                                                                                                                                                                                                | 43           |         |      | 41       |    |         |
|  7 | Investment securities (includes available-for-sale securities of $13,402 and $11,987 reported at fair value with associated amortized cost of $13,451 and $12,167 at December 31, 2023 and 2022, respectively) | 13,655       |         |      | 12,208   |    |         |
|  8 | Loan receivables                                                                                                                                                                                               |              |         |      |          |    |         |
|  9 | Loan receivables                                                                                                                                                                                               | 128,409      |         |      | 112,120  |    |         |
| 10 | Allowance for credit losses                                                                                                                                                                                    | (9,283)      |         |      | (7,374)  |    |         |
| 11 | Net loan receivables                                                                                                                                                                                           | 119,126      |         |      | 104,746  |    |         |
| 12 | Premises and equipment, net                                                                                                                                                                                    | 1,091        |         |      | 1,003    |    |         |
| 13 | Goodwill                                                                                                                                                                                                       | 255          |         |      | 255      |    |         |
| 15 | Other assets                                                                                                                                                                                                   | 5,667        |         |      | 4,597    |    |         |
| 16 | Total assets                                                                                                                                                                                                   | $            | 151,522 |      |          | $  | 131,706 |
| 17 | Liabilities and Stockholders' Equity                                                                                                                                                                           |              |         |      |          |    |         |
| 18 | Liabilities                                                                                                                                                                                                    |              |         |      |          |    |         |
| 19 | Deposits                                                                                                                                                                                                       |              |         |      |          |    |         |
| 20 | Interest-bearing deposit accounts                                                                                                                                                                              | $            | 107,493 |      |          | $  | 90,151  |
| 21 | Non-interest-bearing deposit accounts                                                                                                                                                                          | 1,438        |         |      | 1,485    |    |         |
| 22 | Total deposits                                                                                                                                                                                                 | 108,931      |         |      | 91,636   |    |         |
| 23 | Short-term borrowings                                                                                                                                                                                          | 750          |         |      | -        |    |         |
| 24 | Long-term borrowings                                                                                                                                                                                           | 20,581       |         |      | 20,108   |    |         |
| 25 | Accrued expenses and other liabilities                                                                                                                                                                         | 6,432        |         |      | 5,618    |    |         |
| 26 | Total liabilities                                                                                                                                                                                              | 136,694      |         |      | 117,362  |    |         |
| 27 | Commitments, contingencies and guarantees (Notes 15, 18 and 19)                                                                                                                                                |              |         |      |          |    |         |
| 28 | Stockholders' Equity                                                                                                                                                                                           |              |         |      |          |    |         |
| 29 | Common stock, par value $0.01 per share; 2,000,000,000 shares authorized; 570,837,720 and 569,689,007 shares issued at December 31, 2023 and 2022, respectively                                                | 6            |         |      | 6        |    |         |
| 30 | Preferred stock, par value $0.01 per share; 200,000,000 shares authorized; 10,700 shares issued and outstanding at December 31, 2023 and 2022, respectively                                                    | 1,056        |         |      | 1,056    |    |         |
| 31 | Additional paid-in capital                                                                                                                                                                                     | 4,553        |         |      | 4,468    |    |         |
| 32 | Retained earnings                                                                                                                                                                                              | 30,448       |         |      | 28,207   |    |         |
| 33 | Accumulated other comprehensive loss                                                                                                                                                                           | (225)        |         |      | (339)    |    |         |
| 34 | Treasury stock, at cost; 320,734,860 and 302,305,216 shares at December 31, 2023 and 2022, respectively                                                                                                        | (21,010)     |         |      | (19,054) |    |         |
| 35 | Total stockholders' equity                                                                                                                                                                                     | 14,828       |         |      | 14,344   |    |         |
| 36 | Total liabilities and stockholders' equity                                                                                                                                                                     | $            | 151,522 |      |          | $  | 131,706 |
The table below presents the carrying amounts of certain assets and liabilities of Discover Financial Services' consolidated variable interest entities ("VIEs"), which are included in the consolidated statements of financial condition above. The assets in the table below include those assets that can only be used to settle obligations of the consolidated VIEs. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts for which creditors have recourse to the general credit of Discover Financial Services.
|    |                                                                       |              |         |      |    |         |
|---:|:----------------------------------------------------------------------|:-------------|:--------|:-----|:---|:--------|
|  1 |                                                                       | December 31, |         |      |    |         |
|  2 |                                                                       | 2023         |         | 2022 |    |         |
|  3 | Assets                                                                |              |         |      |    |         |
|  4 | Restricted cash                                                       | $            | 43      |      | $  | 41      |
|  5 | Loan receivables                                                      | $            | 30,590  |      | $  | 25,937  |
|  6 | Allowance for credit losses allocated to securitized loan receivables | $            | (1,347) |      | $  | (1,152) |
|  7 | Other assets                                                          | $            | 3       |      | $  | 3       |
|  8 | Liabilities                                                           |              |         |      |    |         |
|  9 | Short- and long-term borrowings                                       | $            | 11,743  |      | $  | 10,259  |
| 10 | Accrued expenses and other liabilities                                | $            | 19      |      | $  | 14      |

See Notes to the Consolidated Financial Statements.

-85-




, Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 86: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Income

(dollars in millions, except for share amounts)|    |                                                       |                                  |        |      |        |      |        |        |    |       |
|---:|:------------------------------------------------------|:---------------------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:------|
|  1 |                                                       | For the Years Ended December 31, |        |      |        |      |        |        |    |       |
|  2 |                                                       | 2023                             |        | 2022 |        | 2021 |        |        |    |       |
|  3 | Interest income                                       |                                  |        |      |        |      |        |        |    |       |
|  4 | Credit card loans                                     | $                                | 14,438 |      |        | $    | 10,632 |        | $  | 8,717 |
|  5 | Other loans                                           | 2,515                            |        |      | 1,870  |      |        | 1,734  |    |       |
|  6 | Investment securities                                 | 449                              |        |      | 179    |      |        | 182    |    |       |
|  7 | Other interest income                                 | 443                              |        |      | 183    |      |        | 18     |    |       |
|  8 | Total interest income                                 | 17,845                           |        |      | 12,864 |      |        | 10,651 |    |       |
|  9 | Interest expense                                      |                                  |        |      |        |      |        |        |    |       |
| 10 | Deposits                                              | 3,886                            |        |      | 1,257  |      |        | 661    |    |       |
| 11 | Short-term borrowings                                 | 5                                |        |      | 2      |      |        | -      |    |       |
| 12 | Long-term borrowings                                  | 855                              |        |      | 606    |      |        | 473    |    |       |
| 13 | Total interest expense                                | 4,746                            |        |      | 1,865  |      |        | 1,134  |    |       |
| 14 | Net interest income                                   | 13,099                           |        |      | 10,999 |      |        | 9,517  |    |       |
| 15 | Provision for credit losses                           | 6,018                            |        |      | 2,359  |      |        | 218    |    |       |
| 16 | Net interest income after provision for credit losses | 7,081                            |        |      | 8,640  |      |        | 9,299  |    |       |
| 17 | Other income                                          |                                  |        |      |        |      |        |        |    |       |
| 18 | Discount and interchange revenue, net                 | 1,447                            |        |      | 1,380  |      |        | 1,188  |    |       |
| 19 | Protection products revenue                           | 172                              |        |      | 172    |      |        | 165    |    |       |
| 20 | Loan fee income                                       | 763                              |        |      | 632    |      |        | 464    |    |       |
| 21 | Transaction processing revenue                        | 303                              |        |      | 249    |      |        | 227    |    |       |
| 22 | (Losses) gains on equity investments                  | (9)                              |        |      | (214)  |      |        | 424    |    |       |
| 23 | Other income                                          | 85                               |        |      | 75     |      |        | 66     |    |       |
| 24 | Total other income                                    | 2,761                            |        |      | 2,294  |      |        | 2,534  |    |       |
| 25 | Other expense                                         |                                  |        |      |        |      |        |        |    |       |
| 26 | Employee compensation and benefits                    | 2,434                            |        |      | 2,139  |      |        | 1,986  |    |       |
| 27 | Marketing and business development                    | 1,164                            |        |      | 1,035  |      |        | 810    |    |       |
| 28 | Information processing and communications             | 608                              |        |      | 513    |      |        | 500    |    |       |
| 29 | Professional fees                                     | 1,041                            |        |      | 871    |      |        | 797    |    |       |
| 30 | Premises and equipment                                | 89                               |        |      | 118    |      |        | 92     |    |       |
| 31 | Other expense                                         | 680                              |        |      | 540    |      |        | 620    |    |       |
| 32 | Total other expense                                   | 6,016                            |        |      | 5,216  |      |        | 4,805  |    |       |
| 33 | Income before income taxes                            | 3,826                            |        |      | 5,718  |      |        | 7,028  |    |       |
| 34 | Income tax expense                                    | 886                              |        |      | 1,344  |      |        | 1,606  |    |       |
| 35 | Net income                                            | $                                | 2,940  |      |        | $    | 4,374  |        | $  | 5,422 |
| 36 | Net income allocated to common stockholders           | $                                | 2,859  |      |        | $    | 4,286  |        | $  | 5,323 |
| 37 | Basic earnings per common share                       | $                                | 11.27  |      |        | $    | 15.45  |        | $  | 17.75 |
| 38 | Diluted earnings per common share                     | $                                | 11.26  |      |        | $    | 15.44  |        | $  | 17.74 |

See Notes to the Consolidated Financial Statements.

-86-




, Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 87: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Comprehensive Income


(dollars in millions)
|    |                                                                                   |                                  |       |      |       |      |       |       |    |       |
|---:|:----------------------------------------------------------------------------------|:---------------------------------|:------|:-----|:------|:-----|:------|:------|:---|:------|
|  1 |                                                                                   | For the Years Ended December 31, |       |      |       |      |       |       |    |       |
|  2 |                                                                                   | 2023                             |       | 2022 |       | 2021 |       |       |    |       |
|  3 | Net income                                                                        | $                                | 2,940 |      |       | $    | 4,374 |       | $  | 5,422 |
|  4 | Other comprehensive income (loss), net of tax                                     |                                  |       |      |       |      |       |       |    |       |
|  5 | Unrealized gains (losses) on available-for-sale investment securities, net of tax | 99                               |       |      | (250) |      |       | (170) |    |       |
|  6 | Unrealized gains (losses) on cash flow hedges, net of tax                         | 6                                |       |      | (5)   |      |       | 3     |    |       |
|  7 | Unrealized pension and post-retirement plan gains, net of tax                     | 9                                |       |      | 10    |      |       | 28    |    |       |
|  8 | Other comprehensive income (loss)                                                 | 114                              |       |      | (245) |      |       | (139) |    |       |
|  9 | Comprehensive income                                                              | $                                | 3,054 |      |       | $    | 4,129 |       | $  | 5,283 |

See Notes to the Consolidated Financial Statements.

-87-




, Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 88: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Changes in Stockholders' Equity


(dollars in millions, shares in thousands)
|    |                                                          |                 |              |       |                          |                  |         |                                               |    |               |    |                          |    |        |       |        |          |    |       |         |    |          |    |        |
|---:|:---------------------------------------------------------|:----------------|:-------------|:------|:-------------------------|:-----------------|:--------|:----------------------------------------------|:---|:--------------|:---|:-------------------------|:---|:-------|:------|:-------|:---------|:---|:------|:--------|:---|:---------|:---|:-------|
|  1 |                                                          | Preferred Stock | Common Stock |       | AdditionalPaid-inCapital | RetainedEarnings |         | Accumulated Other Comprehensive Income (Loss) |    | TreasuryStock |    | TotalStockholders'Equity |    |        |       |        |          |    |       |         |    |          |    |        |
|  3 |                                                          | Shares          | Amount       |       | Shares                   | Amount           |         |                                               |    |               |    |                          |    |        |       |        |          |    |       |         |    |          |    |        |
|  4 | Balance at December 31, 2020                             | 11              |              | $     | 1,056                    |                  | 567,898 |                                               |    | $             | 6  |                          | $  | 4,257  | $     | 19,754 |          | $  | 45    |         | $  | (14,435) | $  | 10,683 |
|  5 | Net income                                               | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | 5,422  | -     |        | -        |    |       | 5,422   |    |          |    |        |
|  6 | Other comprehensive loss                                 | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | -      | (139) |        | -        |    |       | (139)   |    |          |    |        |
|  7 | Purchases of treasury stock                              | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | -      | -     |        | (2,260)  |    |       | (2,260) |    |          |    |        |
|  8 | Common stock issued under employee benefit plans         | -               |              | -     |                          | 88               |         |                                               | -  |               |    | 9                        |    | -      | -     |        | -        |    |       | 9       |    |          |    |        |
|  9 | Common stock issued and stock-based compensation expense | -               |              | -     |                          | 845              |         |                                               | -  |               |    | 103                      |    | -      | -     |        | -        |    |       | 103     |    |          |    |        |
| 11 | Dividends - common stock ($1.88 per share)               | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (569)  | -     |        | -        |    |       | (569)   |    |          |    |        |
| 12 | Dividends - Series C preferred stock ($5,500 per share)  | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (31)   | -     |        | -        |    |       | (31)    |    |          |    |        |
| 13 | Dividends - Series D preferred stock ($7,674 per share)  | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (38)   | -     |        | -        |    |       | (38)    |    |          |    |        |
| 14 | Balance at December 31, 2021                             | 11              |              | 1,056 |                          | 568,831          |         |                                               | 6  |               |    | 4,369                    |    | 24,538 | (94)  |        | (16,695) |    |       | 13,180  |    |          |    |        |
| 16 | Net income                                               | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | 4,374  | -     |        | -        |    |       | 4,374   |    |          |    |        |
| 17 | Other comprehensive loss                                 | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | -      | (245) |        | -        |    |       | (245)   |    |          |    |        |
| 18 | Purchases of treasury stock                              | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | -      | -     |        | (2,359)  |    |       | (2,359) |    |          |    |        |
| 19 | Common stock issued under employee benefit plans         | -               |              | -     |                          | 107              |         |                                               | -  |               |    | 10                       |    | -      | -     |        | -        |    |       | 10      |    |          |    |        |
| 20 | Common stock issued and stock-based compensation expense | -               |              | -     |                          | 751              |         |                                               | -  |               |    | 89                       |    | -      | -     |        | -        |    |       | 89      |    |          |    |        |
| 22 | Dividends - common stock ($2.30 per share)               | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (643)  | -     |        | -        |    |       | (643)   |    |          |    |        |
| 23 | Dividends - Series C preferred stock ($5,500 per share)  | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (31)   | -     |        | -        |    |       | (31)    |    |          |    |        |
| 24 | Dividends - Series D preferred stock ($6,125 per share)  | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (31)   | -     |        | -        |    |       | (31)    |    |          |    |        |
| 25 | Balance at December 31, 2022                             | 11              |              | 1,056 |                          | 569,689          |         |                                               | 6  |               |    | 4,468                    |    | 28,207 | (339) |        | (19,054) |    |       | 14,344  |    |          |    |        |
| 26 | Cumulative effect of ASU No. 2022-02 adoption            | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | 52     | -     |        | -        |    |       | 52      |    |          |    |        |
| 27 | Net income                                               | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | 2,940  | -     |        | -        |    |       | 2,940   |    |          |    |        |
| 28 | Other comprehensive income                               | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | -      | 114   |        | -        |    |       | 114     |    |          |    |        |
| 29 | Purchases of treasury stock                              | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | -      | -     |        | (1,956)  |    |       | (1,956) |    |          |    |        |
| 30 | Common stock issued under employee benefit plans         | -               |              | -     |                          | 118              |         |                                               | -  |               |    | 11                       |    | -      | -     |        | -        |    |       | 11      |    |          |    |        |
| 31 | Common stock issued and stock-based compensation expense | -               |              | -     |                          | 1,031            |         |                                               | -  |               |    | 74                       |    | -      | -     |        | -        |    |       | 74      |    |          |    |        |
| 33 | Dividends - common stock ($2.70 per share)               | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (689)  | -     |        | -        |    |       | (689)   |    |          |    |        |
| 34 | Dividends - Series C preferred stock ($5,500 per share)  | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (31)   | -     |        | -        |    |       | (31)    |    |          |    |        |
| 35 | Dividends - Series D preferred stock ($6,125 per share)  | -               |              | -     |                          | -                |         |                                               | -  |               |    | -                        |    | (31)   | -     |        | -        |    |       | (31)    |    |          |    |        |
| 36 | Balance at December 31, 2023                             | 11              |              | $     | 1,056                    |                  | 570,838 |                                               |    | $             | 6  |                          | $  | 4,553  | $     | 30,448 |          | $  | (225) |         | $  | (21,010) | $  | 14,828 |

See Notes to the Consolidated Financial Statements.

-88-




, Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 89: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Cash Flows


(dollars in millions)
|    |                                                                                   |                                  |        |      |          |      |       |         |    |        |
|---:|:----------------------------------------------------------------------------------|:---------------------------------|:-------|:-----|:---------|:-----|:------|:--------|:---|:-------|
|  1 |                                                                                   | For the Years Ended December 31, |        |      |          |      |       |         |    |        |
|  2 |                                                                                   | 2023                             |        | 2022 |          | 2021 |       |         |    |        |
|  3 | Cash flows provided by operating activities                                       |                                  |        |      |          |      |       |         |    |        |
|  4 | Net income                                                                        | $                                | 2,940  |      |          | $    | 4,374 |         | $  | 5,422  |
|  5 | Adjustments to reconcile net income to net cash provided by operating activities: |                                  |        |      |          |      |       |         |    |        |
|  6 | Provision for credit losses                                                       | 6,018                            |        |      | 2,359    |      |       | 218     |    |        |
|  7 | Deferred income taxes                                                             | (626)                            |        |      | (433)    |      |       | 318     |    |        |
|  8 | Depreciation and amortization                                                     | 458                              |        |      | 561      |      |       | 531     |    |        |
|  9 | Amortization of deferred revenues                                                 | (468)                            |        |      | (365)    |      |       | (295)   |    |        |
| 10 | Net losses (gains) on investments and other assets                                | 50                               |        |      | 261      |      |       | (382)   |    |        |
| 11 | Other, net                                                                        | 110                              |        |      | 125      |      |       | 257     |    |        |
| 12 | Changes in assets and liabilities:                                                |                                  |        |      |          |      |       |         |    |        |
| 13 | Increase in other assets                                                          | (658)                            |        |      | (846)    |      |       | (496)   |    |        |
| 14 | Increase in accrued expenses and other liabilities                                | 739                              |        |      | 1,104    |      |       | 446     |    |        |
| 15 | Net cash provided by operating activities                                         | 8,563                            |        |      | 7,140    |      |       | 6,019   |    |        |
| 17 | Cash flows provided by (used for) investing activities                            |                                  |        |      |          |      |       |         |    |        |
| 18 | Maturities of other short-term investments                                        | -                                |        |      | -        |      |       | 2,200   |    |        |
| 20 | Maturities of available-for-sale investment securities                            | 1,831                            |        |      | 2,084    |      |       | 2,727   |    |        |
| 21 | Purchases of available-for-sale investment securities                             | (2,996)                          |        |      | (7,682)  |      |       | (9)     |    |        |
| 22 | Maturities of held-to-maturity investment securities                              | 16                               |        |      | 32       |      |       | 82      |    |        |
| 23 | Purchases of held-to-maturity investment securities                               | (49)                             |        |      | (50)     |      |       | (28)    |    |        |
| 24 | Net change in principal on loans originated for investment                        | (19,934)                         |        |      | (19,961) |      |       | (4,574) |    |        |
| 25 | Proceeds from the sale of available for sale securities                           | -                                |        |      | -        |      |       | 5       |    |        |
| 26 | Proceeds from the sale of other investments                                       | 44                               |        |      | 336      |      |       | 1       |    |        |
| 27 | Purchases of other investments                                                    | (100)                            |        |      | (169)    |      |       | (170)   |    |        |
| 28 | Proceeds from sale of premises and equipment                                      | -                                |        |      | 9        |      |       | -       |    |        |
| 29 | Purchases of premises and equipment                                               | (303)                            |        |      | (236)    |      |       | (194)   |    |        |
| 30 | Net cash (used for) provided by investing activities                              | (21,491)                         |        |      | (25,637) |      |       | 40      |    |        |
| 32 | Cash flows (used for) provided by financing activities                            |                                  |        |      |          |      |       |         |    |        |
| 33 | Net change in short-term borrowings                                               | 750                              |        |      | (1,750)  |      |       | 1,750   |    |        |
| 34 | Net change in deposits                                                            | 17,250                           |        |      | 19,208   |      |       | (4,533) |    |        |
| 35 | Proceeds from issuance of securitized debt                                        | 2,230                            |        |      | 5,620    |      |       | 1,727   |    |        |
| 36 | Maturities and repayment of securitized debt                                      | (1,494)                          |        |      | (4,395)  |      |       | (3,451) |    |        |
| 37 | Proceeds from issuance of other long-term borrowings                              | 2,041                            |        |      | 1,265    |      |       | -       |    |        |
| 38 | Maturities and repayments of other long-term borrowings                           | (2,340)                          |        |      | (834)    |      |       | (922)   |    |        |
| 39 | Proceeds from issuance of common stock                                            | 12                               |        |      | 10       |      |       | 9       |    |        |
| 42 | Dividends paid on common and preferred stock                                      | (752)                            |        |      | (703)    |      |       | (636)   |    |        |
| 43 | Purchases of treasury stock                                                       | (1,938)                          |        |      | (2,359)  |      |       | (2,260) |    |        |
| 44 | Net cash provided by (used for) financing activities                              | 15,759                           |        |      | 16,062   |      |       | (8,316) |    |        |
| 45 | Net increase (decrease) in cash, cash equivalents and restricted cash             | 2,831                            |        |      | (2,435)  |      |       | (2,257) |    |        |
| 46 | Cash, cash equivalents and restricted cash, at the beginning of the period        | 8,897                            |        |      | 11,332   |      |       | 13,589  |    |        |
| 47 | Cash, cash equivalents and restricted cash, at the end of the period              | $                                | 11,728 |      |          | $    | 8,897 |         | $  | 11,332 |
| 49 | Reconciliation of cash, cash equivalents and restricted cash                      |                                  |        |      |          |      |       |         |    |        |
| 50 | Cash and cash equivalents                                                         | $                                | 11,685 |      |          | $    | 8,856 |         | $  | 8,750  |
| 51 | Restricted cash                                                                   | 43                               |        |      | 41       |      |       | 2,582   |    |        |
| 52 | Cash, cash equivalents and restricted cash, at the end of the period              | $                                | 11,728 |      |          | $    | 8,897 |         | $  | 11,332 |
| 54 | Supplemental disclosures of cash flow information:                                |                                  |        |      |          |      |       |         |    |        |
| 55 | Cash paid during the period for:                                                  |                                  |        |      |          |      |       |         |    |        |
| 56 | Interest expense                                                                  | $                                | 4,508  |      |          | $    | 1,666 |         | $  | 1,077  |
| 57 | Income taxes, net of income tax refunds                                           | $                                | 1,605  |      |          | $    | 1,865 |         | $  | 1,305  |

See Notes to the Consolidated Financial Statements.

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Question: Compare the ROE of American Express and Discover Financial Services for the year 2022 and 2023.

Answer: Return on Equity (ROE) Comparison: American Express vs. Discover Financial Services
American Express:
2023:
Net Income: $8,374 million
Average Shareholders’ Equity: $27,263.5 million ([$28,057 million (2023) + $24,711 million (2022)] / 2)
ROE: 30.7%
2022:
Net Income: $7,514 million
Average Shareholders’ Equity: $24,711 million
ROE: 30.4%

Discover Financial Services:
2023:
Net Income: $2,940 million
Average Shareholders’ Equity: $14,586 million ([$14,828 million (2023) + $14,344 million (2022)] / 2)
ROE: 20.2%
2022:
Net Income: $4,374 million
Average Shareholders’ Equity: $14,344 million
ROE: 30.5%
Summary
In 2023, American Express achieved an ROE of 30.7%, surpassing Discover Financial Services, which reported an ROE of 20.2%.