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 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




, 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-






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

Answer: ROI Comparison: American Express vs. Discover Financial Services
American Express
2023: Net Income: $8,374 million, Total Assets: $261,108 million, ROI: 3.2%
2022: Net Income: $7,514 million, Total Assets: $228,354 million, ROI: 3.3%

Discover Financial Services
2023: Net Income: $2,940 million, Total Assets: $151,522 million, ROI: 1.9%
2022: Net Income: $4,374 million, Total Assets: $131,706 million, ROI: 3.3%

Summary
In 2023, American Express achieved an ROI of 3.2%, surpassing Discover Financial Services, which reported an ROI of 1.9%.