AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 52: 
U.S. CONSUMER SERVICES


TABLE 9: USCS SELECTED INCOME STATEMENT DATA
|    |                                                                               |        |        |      |        |      |        |               |               |        |    |       |       |       |    |    |    |    |       |     |    |
|---:|:------------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:--------------|:--------------|:-------|:---|:------|:------|:------|:---|:---|:---|:---|:------|:----|:---|
|  1 | Years Ended December 31,                                                      |        |        |      |        |      |        | Change        | Change        |        |    |       |       |       |    |    |    |    |       |     |    |
|  2 | (Millions, except percentages)                                                | 2023   |        | 2022 |        | 2021 |        | 2023 vs. 2022 | 2022 vs. 2021 |        |    |       |       |       |    |    |    |    |       |     |    |
|  3 | Revenues                                                                      |        |        |      |        |      |        |               |               |        |    |       |       |       |    |    |    |    |       |     |    |
|  4 | Non-interest revenues                                                         | $      | 18,464 |      |        | $    | 16,440 |               | $             | 12,989 | $  | 2,024 |       |       | 12 | %  |    | $  | 3,451 | 27  | %  |
|  5 | Interest income                                                               | 12,336 |        |      | 8,457  |      |        | 6,328         |               | 3,879  | 46 |       |       | 2,129 |    |    | 34 |    |       |     |    |
|  6 | Interest expense                                                              | 2,684  |        |      | 983    |      |        | 395           |               | 1,701  | #  |       | 588   |       |    | #  |    |    |       |     |    |
|  7 | Net interest income                                                           | 9,652  |        |      | 7,474  |      |        | 5,933         |               | 2,178  | 29 |       |       | 1,541 |    |    | 26 |    |       |     |    |
|  8 | Total revenues net of interest expense                                        | 28,116 |        |      | 23,914 |      |        | 18,922        |               | 4,202  | 18 |       |       | 4,992 |    |    | 26 |    |       |     |    |
|  9 | Provisions for credit losses                                                  | 2,855  |        |      | 1,021  |      |        | (919)         |               | 1,834  | #  |       | 1,940 |       |    | #  |    |    |       |     |    |
| 10 | Total revenues net of interest expense after provisions for credit losses     | 25,261 |        |      | 22,893 |      |        | 19,841        |               | 2,368  | 10 |       |       | 3,052 |    |    | 15 |    |       |     |    |
| 11 | Expenses                                                                      |        |        |      |        |      |        |               |               |        |    |       |       |       |    |    |    |    |       |     |    |
| 12 | Card Member rewards, business development, Card Member services and marketing | 15,393 |        |      | 13,535 |      |        | 10,665        |               | 1,858  | 14 |       |       | 2,870 |    |    | 27 |    |       |     |    |
| 13 | Salaries and employee benefits and other operating expenses                   | 4,435  |        |      | 3,958  |      |        | 3,218         |               | 477    | 12 |       |       | 740   |    |    | 23 |    |       |     |    |
| 14 | Total expenses                                                                | 19,828 |        |      | 17,493 |      |        | 13,883        |               | 2,335  | 13 |       |       | 3,610 |    |    | 26 |    |       |     |    |
| 15 | Pretax segment income                                                         | $      | 5,433  |      |        | $    | 5,400  |               | $             | 5,958  | $  | 33    |       |       | 1  | %  |    | $  | (558) | (9) | %  |
| 16 | # Denotes a variance of 100 percent or more                                   |        |        |      |        |      |        |               |               |        |    |       |       |       |    |    |    |    |       |     |    |
USCS issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products.

TOTAL REVENUES NET OF INTEREST EXPENSE

Non-interest revenues increased across all revenue categories, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 10 percent, primarily driven by an increase in U.S. consumer billed business. See Tables 5, 6 and 10 for more details on billed business performance.
Net card fees increased 21 percent, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 5 percent, primarily driven by higher travel commissions and fees from our consumer travel business and growth in delinquency fees, partially offset by the change in the allocation of TLS revenues described above.
Interest income increased, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased, primarily driven by a higher cost of funds.

PROVISIONS FOR CREDIT LOSSES

Card Member loans provision for credit losses increased, primarily due to higher net write-offs and a higher reserve build in the current year. The reserve build in the current year was primarily driven by an increase in loans outstanding and higher delinquencies. The reserve build in the prior year was driven by an increase in loans outstanding, higher delinquencies and changes in macroeconomic forecasts at that time, partially offset by the release of COVID-19 pandemic-driven reserves.
Card Member receivables provision for credit losses increased, primarily due to higher net write-offs, partially offset by a reserve release in the current year versus a reserve build in the prior year. The reserve release in the current year was primarily driven by lower delinquencies and a decrease in receivables outstanding. The reserve build in the prior year was primarily driven by higher delinquencies and an increase in receivables outstanding.
52




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 54: 
TABLE 10: USCS SELECTED STATISTICAL INFORMATION
|    |                                                                         |       |        |       |      |        |               |        |               |    |    |     |    |
|---:|:------------------------------------------------------------------------|:------|:-------|:------|:-----|:-------|:--------------|:-------|:--------------|:---|:---|:----|:---|
|  1 | As of or for the Years Ended December 31,                               |       |        |       |      |        | Change        |        | Change        |    |    |     |    |
|  2 | (Millions, except percentages and where indicated)                      | 2023  |        | 2022  |      | 2021   | 2023 vs. 2022 |        | 2022 vs. 2021 |    |    |     |    |
|  3 | Billed business (billions)                                              | $     | 610.8  |       | $    | 553.0  | $             | 444.2  |               | 10 | %  | 24  | %  |
|  4 | Proprietary cards-in-force                                              | 43.8  |        | 41.7  |      | 39.0   | 5             |        |               | 7  |    |     |    |
|  5 | Proprietary basic cards-in-force                                        | 30.7  |        | 29.2  |      | 27.3   | 5             |        |               | 7  |    |     |    |
|  6 | Average proprietary basic Card Member spending (dollars)                | $     | 20,303 |       | $    | 19,514 | $             | 16,498 |               | 4  |    | 18  |    |
|  7 | Total segment assets (billions)                                         | $     | 107.2  |       | $    | 94.4   | $             | 76.5   |               | 14 |    | 23  |    |
|  8 | Card Member loans:                                                      |       |        |       |      |        |               |        |               |    |    |     |    |
|  9 | Total loans (billions)                                                  | $     | 83.2   |       | $    | 72.7   | $             | 59.8   |               | 14 |    | 22  |    |
| 10 | Average loans (billions)                                                | $     | 76.0   |       | $    | 63.7   | $             | 52.0   |               | 19 |    | 23  |    |
| 11 | Net write-off rate - principal, interest and fees (a)                   | 2.2   | %      |       | 1.1  | %      | 1.1           | %      |               |    |    |     |    |
| 12 | Net write-off rate - principal only (a)                                 | 1.7   | %      |       | 0.9  | %      | 0.8           | %      |               |    |    |     |    |
| 13 | 30+ days past due as a % of total                                       | 1.4   | %      |       | 1.0  | %      | 0.7           | %      |               |    |    |     |    |
| 14 | Calculation of Net Interest Yield on Average Card Member Loans:         |       |        |       |      |        |               |        |               |    |    |     |    |
| 15 | Net interest income                                                     | $     | 9,652  |       | $    | 7,474  | $             | 5,933  |               |    |    |     |    |
| 16 | Exclude:                                                                |       |        |       |      |        |               |        |               |    |    |     |    |
| 17 | Interest expense not attributable to our Card Member loan portfolio (b) | 192   |        | 139   |      | 158    |               |        |               |    |    |     |    |
| 18 | Interest income not attributable to our Card Member loan portfolio (c)  | (386) |        | (228) |      | (110)  |               |        |               |    |    |     |    |
| 19 | Adjusted net interest income (d)                                        | $     | 9,458  |       | $    | 7,385  | $             | 5,981  |               |    |    |     |    |
| 20 | Average Card Member loans (billions)                                    | $     | 76.0   |       | $    | 63.7   | $             | 52.0   |               |    |    |     |    |
| 21 | Net interest income divided by average Card Member loans (d)            | 12.7  | %      |       | 11.7 | %      | 11.4          | %      |               |    |    |     |    |
| 22 | Net interest yield on average Card Member loans (d)                     | 12.4  | %      |       | 11.6 | %      | 11.5          | %      |               |    |    |     |    |
| 23 | Card Member receivables:                                                |       |        |       |      |        |               |        |               |    |    |     |    |
| 24 | Total receivables (billions)                                            | $     | 14.8   |       | $    | 14.3   | $             | 14.7   |               | 3  | %  | (3) | %  |
| 25 | Net write-off rate - principal and fees (a)                             | 1.3   | %      |       | 0.6  | %      | 0.1           | %      |               |    |    |     |    |
| 26 | Net write-off rate - principal only (a)                                 | 1.2   | %      |       | 0.6  | %      | -             | %      |               |    |    |     |    |
| 27 | 30+ days past due as a % of total                                       | 0.8   | %      |       | 0.9  | %      | 0.4           | %      |               |    |    |     |    |

(a)Refer to Table 7 footnote (a).


(b)Refer to Table 8 footnote (a).


(c)Refer to Table 8 footnote (b).


(d)Refer to Table 8 footnote (c).

54




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 55: 
COMMERCIAL SERVICES


TABLE 11: CS SELECTED INCOME STATEMENT DATA
|    |                                                                               |        |        |      |        |      |        |               |               |       |    |      |     |       |     |    |    |    |       |     |    |
|---:|:------------------------------------------------------------------------------|:-------|:-------|:-----|:-------|:-----|:-------|:--------------|:--------------|:------|:---|:-----|:----|:------|:----|:---|:---|:---|:------|:----|:---|
|  1 | Years Ended December 31,                                                      |        |        |      |        |      |        | Change        | Change        |       |    |      |     |       |     |    |    |    |       |     |    |
|  2 | (Millions, except percentages)                                                | 2023   |        | 2022 |        | 2021 |        | 2023 vs. 2022 | 2022 vs. 2021 |       |    |      |     |       |     |    |    |    |       |     |    |
|  3 | Revenues                                                                      |        |        |      |        |      |        |               |               |       |    |      |     |       |     |    |    |    |       |     |    |
|  4 | Non-interest revenues                                                         | $      | 12,931 |      |        | $    | 12,196 |               | $             | 9,833 | $  | 735  |     |       | 6   | %  |    | $  | 2,363 | 24  | %  |
|  5 | Interest income                                                               | 3,328  |        |      | 2,070  |      |        | 1,408         |               | 1,258 | 61 |      |     | 662   |     |    | 47 |    |       |     |    |
|  6 | Interest expense                                                              | 1,483  |        |      | 697    |      |        | 330           |               | 786   | #  |      | 367 |       |     | #  |    |    |       |     |    |
|  7 | Net interest income                                                           | 1,845  |        |      | 1,373  |      |        | 1,078         |               | 472   | 34 |      |     | 295   |     |    | 27 |    |       |     |    |
|  8 | Total revenues net of interest expense                                        | 14,776 |        |      | 13,569 |      |        | 10,911        |               | 1,207 | 9  |      |     | 2,658 |     |    | 24 |    |       |     |    |
|  9 | Provisions for credit losses                                                  | 1,313  |        |      | 565    |      |        | (420)         |               | 748   | #  |      | 985 |       |     | #  |    |    |       |     |    |
| 10 | Total revenues net of interest expense after provisions for credit losses     | 13,463 |        |      | 13,004 |      |        | 11,331        |               | 459   | 4  |      |     | 1,673 |     |    | 15 |    |       |     |    |
| 11 | Expenses                                                                      |        |        |      |        |      |        |               |               |       |    |      |     |       |     |    |    |    |       |     |    |
| 12 | Card Member rewards, business development, Card Member services and marketing | 7,422  |        |      | 7,238  |      |        | 5,762         |               | 184   | 3  |      |     | 1,476 |     |    | 26 |    |       |     |    |
| 13 | Salaries and employee benefits and other operating expenses                   | 3,180  |        |      | 2,886  |      |        | 2,633         |               | 294   | 10 |      |     | 253   |     |    | 10 |    |       |     |    |
| 14 | Total expenses                                                                | 10,602 |        |      | 10,124 |      |        | 8,395         |               | 478   | 5  |      |     | 1,729 |     |    | 21 |    |       |     |    |
| 15 | Pretax segment income                                                         | $      | 2,861  |      |        | $    | 2,880  |               | $             | 2,936 | $  | (19) |     |       | (1) | %  |    | $  | (56)  | (2) | %  |
| 16 | # Denotes a variance of 100 percent or more                                   |        |        |      |        |      |        |               |               |       |    |      |     |       |     |    |    |    |       |     |    |
CS issues a wide range of proprietary corporate and small business cards and provides services to U.S. businesses, including payment and expense management, banking and non-card financing products. CS also issues proprietary corporate cards and provides services to select global corporate clients.

TOTAL REVENUES NET OF INTEREST EXPENSE

Non-interest revenues increased, primarily driven by higher Discount revenue and Service fees and other revenue.
Discount revenue increased 4 percent, primarily driven by an increase in commercial billed business. See Tables 5, 6 and 12 for more details on billed business performance.
Net card fees increased 18 percent, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 53 percent, largely driven by the change in the allocation of TLS revenues described above, as well as growth in delinquency fees.
Interest income increased, primarily driven by higher interest rates and growth in revolving loan balances.
Interest expense increased, primarily driven by a higher cost of funds.

PROVISIONS FOR CREDIT LOSSES

Card Member loans provision for credit losses increased, primarily due to higher net write-offs and a higher reserve build in the current year. The reserve build in the current year was primarily driven by an increase in loans outstanding and higher delinquencies. The reserve build in the prior year was driven by an increase in loans outstanding, higher delinquencies and changes in macroeconomic forecasts at that time, partially offset by the release of COVID-19 pandemic-driven reserves.
Card Member receivables provision for credit losses increased, primarily due to higher net write-offs, partially offset by a reserve release in the current year versus a reserve build in the prior year. The reserve release in the current year was primarily driven by lower delinquencies and a decrease in receivables outstanding. The reserve build in the prior year was primarily driven by higher delinquencies and an increase in receivables outstanding.
55




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 57: 
TABLE 12: CS SELECTED STATISTICAL INFORMATION
|    |                                                                        |       |        |      |     |        |               |        |               |     |    |    |    |
|---:|:-----------------------------------------------------------------------|:------|:-------|:-----|:----|:-------|:--------------|:-------|:--------------|:----|:---|:---|:---|
|  1 | As of or for the Years Ended December 31,                              |       |        |      |     |        | Change        |        | Change        |     |    |    |    |
|  2 | (Millions, except percentages and where indicated)                     | 2023  |        | 2022 |     | 2021   | 2023 vs. 2022 |        | 2022 vs. 2021 |     |    |    |    |
|  3 | Billed business (billions)                                             | $     | 516.0  |      | $   | 499.5  | $             | 411.6  |               | 3   | %  | 21 | %  |
|  4 | Proprietary cards-in-force                                             | 15.4  |        | 14.9 |     | 13.4   | 3             |        |               | 11  |    |    |    |
|  5 | Average Card Member spending (dollars)                                 | $     | 33,745 |      | $   | 35,202 | $             | 32,042 |               | (4) |    | 10 |    |
|  6 | Total segment assets (billions)                                        | $     | 55.4   |      | $   | 51.4   | $             | 44.5   |               | 8   |    | 16 |    |
|  7 | Card Member loans:                                                     |       |        |      |     |        |               |        |               |     |    |    |    |
|  8 | Total loans (billions)                                                 | $     | 25.8   |      | $   | 21.4   | $             | 17.0   |               | 21  |    | 26 |    |
|  9 | Average loans (billions)                                               | $     | 23.9   |      | $   | 19.3   | $             | 14.4   |               | 24  |    | 34 |    |
| 10 | Net write-off rate - principal, interest and fees(a)                   | 2.0   | %      |      | 0.8 | %      | 0.8           | %      |               |     |    |    |    |
| 11 | Net write-off rate - principal only(a)                                 | 1.7   | %      |      | 0.7 | %      | 0.6           | %      |               |     |    |    |    |
| 12 | 30+ days past due as a % of total                                      | 1.4   | %      |      | 0.9 | %      | 0.5           | %      |               |     |    |    |    |
| 13 | Calculation of Net Interest Yield on Average Card Member Loans:        |       |        |      |     |        |               |        |               |     |    |    |    |
| 14 | Net interest income                                                    | $     | 1,845  |      | $   | 1,373  | $             | 1,078  |               |     |    |    |    |
| 15 | Exclude:                                                               |       |        |      |     |        |               |        |               |     |    |    |    |
| 16 | Interest expense not attributable to our Card Member loan portfolio(b) | 711   |        | 430  |     | 251    |               |        |               |     |    |    |    |
| 17 | Interest income not attributable to our Card Member loan portfolio(c)  | (204) |        | (89) |     | (76)   |               |        |               |     |    |    |    |
| 18 | Adjusted net interest income(d)                                        | $     | 2,352  |      | $   | 1,714  | $             | 1,253  |               |     |    |    |    |
| 19 | Average Card Member loans (billions)                                   | $     | 23.9   |      | $   | 19.3   | $             | 14.4   |               |     |    |    |    |
| 20 | Net interest income divided by average Card Member loans(d)            | 7.7   | %      |      | 7.1 | %      | 7.5           | %      |               |     |    |    |    |
| 21 | Net interest yield on average Card Member loans(d)                     | 9.9   | %      |      | 8.9 | %      | 8.7           | %      |               |     |    |    |    |
| 22 | Card Member receivables:                                               |       |        |      |     |        |               |        |               |     |    |    |    |
| 23 | Total receivables (billions)                                           | $     | 26.2   |      | $   | 26.9   | $             | 24.6   |               | (3) | %  | 9  | %  |
| 24 | Net write-off rate - principal and fees(e)                             | 1.5   | %      |      | 0.7 | %      | 0.2           | %      |               |     |    |    |    |
| 25 | Net write-off rate - principal only(a) - small business                | 2.1   | %      |      | 0.9 | %      | 0.2           | %      |               |     |    |    |    |
| 26 | 30+ days past due as a % of total - small business                     | 1.5   | %      |      | 1.6 | %      | 0.8           | %      |               |     |    |    |    |
| 27 | 90+ days past billing as a % of total(e) - corporate                   | 0.4   | %      |      | 0.6 | %      | 0.3           | %      |               |     |    |    |    |

(a)Refer to Table 7 footnote (a).


(b)Refer to Table 8 footnote (a).


(c)Refer to Table 8 footnote (b).


(d)Refer to Table 8 footnote (c).

(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member's billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. Corporate receivables delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
57




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 58: 
INTERNATIONAL CARD SERVICES


TABLE 13: ICS SELECTED INCOME STATEMENT DATA
|    |                                                                               |        |       |      |       |      |       |               |               |       |    |       |       |    |    |    |    |       |      |    |
|---:|:------------------------------------------------------------------------------|:-------|:------|:-----|:------|:-----|:------|:--------------|:--------------|:------|:---|:------|:------|:---|:---|:---|:---|:------|:-----|:---|
|  1 | Years Ended December 31,                                                      |        |       |      |       |      |       | Change        | Change        |       |    |       |       |    |    |    |    |       |      |    |
|  2 | (Millions, except percentages)                                                | 2023   |       | 2022 |       | 2021 |       | 2023 vs. 2022 | 2022 vs. 2021 |       |    |       |       |    |    |    |    |       |      |    |
|  3 | Revenues                                                                      |        |       |      |       |      |       |               |               |       |    |       |       |    |    |    |    |       |      |    |
|  4 | Non-interest revenues                                                         | $      | 9,472 |      |       | $    | 8,262 |               | $             | 6,761 | $  | 1,210 |       | 15 | %  |    | $  | 1,501 | 22   | %  |
|  5 | Interest income                                                               | 2,076  |       |      | 1,453 |      |       | 1,116         |               | 623   | 43 |       | 337   |    |    | 30 |    |       |      |    |
|  6 | Interest expense                                                              | 1,118  |       |      | 654   |      |       | 442           |               | 464   | 71 |       | 212   |    |    | 48 |    |       |      |    |
|  7 | Net interest income                                                           | 958    |       |      | 799   |      |       | 674           |               | 159   | 20 |       | 125   |    |    | 19 |    |       |      |    |
|  8 | Total revenues net of interest expense                                        | 10,430 |       |      | 9,061 |      |       | 7,435         |               | 1,369 | 15 |       | 1,626 |    |    | 22 |    |       |      |    |
|  9 | Provisions for credit losses                                                  | 727    |       |      | 584   |      |       | (43)          |               | 143   | 24 |       | 627   |    |    | #  |    |       |      |    |
| 10 | Total revenues net of interest expense after provisions for credit losses     | 9,703  |       |      | 8,477 |      |       | 7,478         |               | 1,226 | 14 |       | 999   |    |    | 13 |    |       |      |    |
| 11 | Expenses                                                                      |        |       |      |       |      |       |               |               |       |    |       |       |    |    |    |    |       |      |    |
| 12 | Card Member rewards, business development, Card Member services and marketing | 5,669  |       |      | 4,962 |      |       | 3,995         |               | 707   | 14 |       | 967   |    |    | 24 |    |       |      |    |
| 13 | Salaries and employee benefits and other operating expenses                   | 3,061  |       |      | 2,937 |      |       | 2,554         |               | 124   | 4  |       | 383   |    |    | 15 |    |       |      |    |
| 14 | Total expenses                                                                | 8,730  |       |      | 7,899 |      |       | 6,549         |               | 831   | 11 |       | 1,350 |    |    | 21 |    |       |      |    |
| 15 | Pretax segment income                                                         | $      | 973   |      |       | $    | 578   |               | $             | 929   | $  | 395   |       | 68 | %  |    | $  | (351) | (38) | %  |
| 16 | # Denotes a variance of 100 percent or more                                   |        |       |      |       |      |       |               |               |       |    |       |       |    |    |    |    |       |      |    |
ICS issues a wide range of proprietary consumer, small business and corporate cards outside the United States. ICS also provides services to our international customers, including travel and lifestyle services, and manages certain international joint ventures and our loyalty coalition businesses.

TOTAL REVENUES NET OF INTEREST EXPENSE

Non-interest revenues increased across all revenue categories, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 17 percent, primarily reflecting an increase in billed business. See Tables 5, 6 and 14 for more details on billed business performance.
Net card fees increased 17 percent, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 9 percent, primarily driven by foreign exchange related revenues associated with Card Member cross-currency spending and growth in delinquency fees.
Interest income increased, primarily driven by growth in revolving loan balances and higher interest rates.
Interest expense increased, primarily driven by a higher cost of funds.

PROVISIONS FOR CREDIT LOSSES

Card Member loans provision for credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current year. The reserve build in the current year was primarily driven by an increase in loans outstanding, partially offset by the performance of portfolios in certain international markets. The reserve build in the prior year was primarily driven by an increase in loans outstanding and higher delinquencies.
Card Member receivables provision for credit losses increased, primarily due to higher net write-offs, partially offset by a reserve release in the current year versus a reserve build in the prior year. The reserve release in the current year was primarily driven by lower delinquencies, partially offset by an increase in receivables outstanding. The reserve build in the prior year was primarily driven by an increase in receivables outstanding and higher delinquencies.
58




, AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 60: 
TABLE 14: ICS SELECTED STATISTICAL INFORMATION
|    |                                                                        |      |        |      |     |        |               |        |               |    |    |    |    |
|---:|:-----------------------------------------------------------------------|:-----|:-------|:-----|:----|:-------|:--------------|:-------|:--------------|:---|:---|:---|:---|
|  1 | As of or for the Years Ended December 31,                              |      |        |      |     |        | Change        |        | Change        |    |    |    |    |
|  2 | (Millions, except percentages and where indicated)                     | 2023 |        | 2022 |     | 2021   | 2023 vs. 2022 |        | 2022 vs. 2021 |    |    |    |    |
|  3 | Billed business (billions)                                             | $    | 329.5  |      | $   | 281.6  | $             | 228.2  |               | 17 | %  | 23 | %  |
|  4 | Proprietary cards-in-force                                             | 21.0 |        | 20.1 |     | 19.0   | 4             |        |               | 6  |    |    |    |
|  5 | Proprietary basic cards-in-force                                       | 15.6 |        | 14.9 |     | 13.9   | 5             |        |               | 7  |    |    |    |
|  6 | Average proprietary basic Card Member spending (dollars)               | $    | 21,550 |      | $   | 19,519 | $             | 16,689 |               | 10 |    | 17 |    |
|  7 | Total segment assets (billions)                                        | $    | 42.2   |      | $   | 36.9   | $             | 32.6   |               | 14 |    | 13 |    |
|  8 | Card Member loans - consumer and small business:                       |      |        |      |     |        |               |        |               |    |    |    |    |
|  9 | Total loans (billions)                                                 | $    | 17.0   |      | $   | 13.8   | $             | 11.6   |               | 23 |    | 19 |    |
| 10 | Average loans (billions)                                               | $    | 15.0   |      | $   | 12.3   | $             | 9.6    |               | 22 |    | 28 |    |
| 11 | Net write-off rate - principal, interest and fees(a)                   | 2.5  | %      |      | 1.4 | %      | 2.1           | %      |               |    |    |    |    |
| 12 | Net write-off rate - principal only(a)                                 | 2.1  | %      |      | 1.2 | %      | 1.6           | %      |               |    |    |    |    |
| 13 | 30+ days past due as a % of total                                      | 1.3  | %      |      | 1.2 | %      | 0.8           | %      |               |    |    |    |    |
| 14 | Calculation of Net Interest Yield on Average Card Member Loans:        |      |        |      |     |        |               |        |               |    |    |    |    |
| 15 | Net interest income                                                    | $    | 958    |      | $   | 799    | $             | 674    |               |    |    |    |    |
| 16 | Exclude:                                                               |      |        |      |     |        |               |        |               |    |    |    |    |
| 17 | Interest expense not attributable to our Card Member loan portfolio(b) | 475  |        | 270  |     | 211    |               |        |               |    |    |    |    |
| 18 | Interest income not attributable to our Card Member loan portfolio(c)  | (62) |        | (28) |     | (11)   |               |        |               |    |    |    |    |
| 19 | Adjusted net interest income(d)                                        | $    | 1,371  |      | $   | 1,041  | $             | 874    |               |    |    |    |    |
| 20 | Average Card Member loans (billions)                                   | $    | 15.0   |      | $   | 12.4   | $             | 9.6    |               |    |    |    |    |
| 21 | Net interest income divided by average Card Member loans(d)            | 6.4  | %      |      | 6.5 | %      | 7.0           | %      |               |    |    |    |    |
| 22 | Net interest yield on average Card Member loans(d)                     | 9.2  | %      |      | 8.4 | %      | 9.1           | %      |               |    |    |    |    |
| 23 | Card Member receivables:                                               |      |        |      |     |        |               |        |               |    |    |    |    |
| 24 | Total receivables (billions)                                           | $    | 19.4   |      | $   | 16.4   | $             | 14.3   |               | 18 | %  | 15 | %  |
| 25 | Net write-off rate - principal and fees(e)(f)                          | 2.1  | %      |      | 1.3 | %      | 0.6           | %      |               |    |    |    |    |
| 26 | Net write-off rate - principal only(a) - consumer and small business   | 2.2  | %      |      | 1.4 | %      | 0.8           | %      |               |    |    |    |    |
| 27 | 30+ days past due as a % of total - consumer and small business        | 1.0  | %      |      | 1.3 | %      | 0.7           | %      |               |    |    |    |    |
| 28 | 90+ days past billing as a % of total(e) - corporate                   | 0.5  | %      |      | 0.5 | %      | 0.3           | %      |               |    |    |    |    |

(a)Refer to Table 7 footnote (a).


(b)Refer to Table 8 footnote (a).


(c)Refer to Table 8 footnote (b).


(d)Refer to Table 8 footnote (c).

(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member's billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. Corporate receivables delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.

(f)Refer to Table 7 footnote (e).

60






Question: Which segment has shown the highest increase in billed business for American Express in 2023? What is the correlation of billed business to non‑interest revenue for American Express in 2023?
Answer: The correlation between billed business and non-interest revenue is evident across all segments. USCS's billed business growth of 38% aligns with its non-interest revenue growth of 42%. CS's billed business grew by 25%, which is closely related to its non-interest revenue growth of 31%. ICS shows a similar trend, with billed business growing by 44% and non-interest revenue increasing by 40%, demonstrating a strong link between increased billed business and non-interest revenue.