RNS Number:5191C
American Express Co
23 April 2001
PART 2
(Preliminary) American Express Company
Financial Summary
(Unaudited)
(Dollars in millions)
Quarters Ended
March 31 Percentage
2001 2000 Inc/(Dec)
Net Revenues (Managed Basis)(A)
Travel Related Services $ 4,465 $ 4,127 8 %
American Express Financial
Advisors 806 1,019 (21)
American Express Bank 158 150 5
5,429 5,296 3
Corporate and Other,
including adjustments and
eliminations (48) (37) (30)
CONSOLIDATED NET REVENUES
(MANAGED BASIS)(A) $ 5,381 $ 5,259 2
Pretax Income
Travel Related Services $ 737 $ 631 17
American Express Financial
Advisors 70 355 (80)
American Express Bank 14 8 84
821 994 (17)
Corporate and Other (80) (74) (9)
PRETAX INCOME $ 741 $ 920 (19)
Net Income
Travel Related Services $ 522 $ 448 16
American Express Financial
Advisors 51 245 (79)
American Express Bank 9 7 19
582 700 (17)
Corporate and Other (44) (44) -
NET INCOME $ 538 $ 656 (18)
(A) Managed net revenues are reported net of interest expense, where applicable,
and American Express Financial Advisors' provision for losses and benefits,
and exclude the effect of TRS' securitization activities.
(Preliminary) American Express Company
Financial Summary (Continued)
(Unaudited)
Quarters Ended
March 31 Percentage
2001 2000 Inc/(Dec)
EARNINGS PER SHARE
Basic
Earnings Per Common Share $ 0.41 $ 0.49 (16) %
Average common shares
outstanding(millions) 1,323 1,331 (1)
Diluted
Earnings Per Common Share $ 0.40 $ 0.48 (17)
Average common shares
outstanding(millions) 1,344 1,362 (1)
Cash dividends declared per
common share $ 0.08 $ 0.08 -
Selected Statistical Information
(Unaudited)
Quarters Ended
March 31 Percentage
2001 2000 Inc/(Dec)
Return on Average Equity* 23.5% 25.4% -
Common Shares Outstanding
(millions) 1,326 1,334 (1)%
Book Value per Common Share:
Actual $ 9.02 $ 7.69 17 %
Pro Forma* $ 8.94 $ 7.96 12 %
Shareholders' Equity(billions) $ 12.0 $ 10.3 16 %
* Excludes the effect on Shareholders' Equity of SFAS No. 115 and SFAS No.133.
The Company adopted SFAS No.133 on January 1, 2001.
(Preliminary) American Express Company
Financial Summary
(Unaudited)
(Dollars in millions)
Quarters Ended
March 31, December 31 September 30,
2001 2000 2000
Net Revenues(Managed Basis(A)
Travel Related Services $ 4,465 $ 4,543 $ 4,400
American Express Financial 806 1,066 1,052
Advisors
American Express Bank 158 144 146
5,429 5,753 5,598
Corporate and Other,
including adjustments and
eliminations (48) (39) (44)
CONSOLIDATED NET REVENUES
(MANAGED BASIS)(A) $ 5,381 $ 5,714 $ 5,554
Pretax Income
Travel Related Services $ 737 $ 641 $ 721
American Express Financial
Advisors 70 344 387
American Express Bank 14 8 8
821 993 1,116
Corporate and Other (80) (80) (87)
PRETAX INCOME $ 741 $ 913 $ 1,029
Net Income
Travel Related Services $ 522 $ 470 $ 507
American Express Financial
Advisors 51 242 269
American Express Bank 9 6 7
582 718 783
Corporate and Other (44) (41) (46)
NET INCOME $ 538 $ 677 $ 737
Quarters Ended
June 30, March 31,
2000 2000
Net Revenues(Managed Basis)(A)
Travel Related Services $ 4,372 $ 4,127
American Express Financial
Advisors 1,081 1,019
American Express Bank 151 150
5,604 5,296
Corporate and Other,
including adjustments and
eliminations (46) (37)
CONSOLIDATED NET REVENUES
(MANAGED BASIS)(A) $ 5,558 $ 5,259
Pretax Income
Travel Related Services $ 721 $ 631
American Express Financial
Advisors 397 355
American Express Bank 10 8
1,128 994
Corporate and Other (82) (74)
PRETAX INCOME $ 1,046 $ 920
Net Income
Travel Related Services $ 505 $ 448
American Express Financial
Advisors 275 245
American Express Bank 7 7
787 700
Corporate and Other (47) (44)
NET INCOME $ 740 $ 656
(A) Managed net revenues are reported net of interest expense, where applicable,
and American Express Financial Advisors' provision for losses and benefits,
and exclude the effect of TRS' securitization activities.
(Preliminary) American Express Company
Financial Summary(continued)
(Unaudited)
Quarters Ended
March 31, December 31 September 30,
2001 2000 2000
EARNINGS PER SHARE
Basic
Earnings Per Common Share $ 0.41 $ 0.51 $ 0.56
Average common shares
outstanding(millions) 1,323 1,322 1,326
Diluted
Earnings Per Common Share $ 0.40 $ 0.50 $ 0.54
Average common shares
outstanding(millions) 1,344 1,355 1,361
Cash dividends declared
per common share $ 0.08 $ 0.08 $ 0.08
Quarters Ended
June 30, March 31
2000 2000
EARNINGS PER SHARE
Basic
Earnings Per Common Share $ 0.56 $ 0.49
Average common shares
outstanding(millions) 1,328 1,331
Diluted
Earnings Per Common Share $ 0.54 $ 0.48
Average common shares
outstanding(millions) 1,361 1,362
Cash dividends declared
per common share $ 0.08 $ 0.08
Selected Statistical Information
(Unaudited)
Quarters Ended
March 31, December 31, September 30,
2001 2000 2000
Return on Average Equity* 23.5% 25.3% 25.5%
Common Shares Outstanding
(millions) 1,326 1,326 1,329
Book Value per Common Share:
Actual $ 9.02 $ 8.81 $ 8.44
Pro Forma* $ 8.94 $ 8.92 $ 8.68
Shareholders' Equity(billions)$ 12.0 $ 11.7 $ 11.2
Quarters Ended
June 30, March 31
2000 2000
Return on Average Equity* 25.5% 25.4%
Common Shares Outstanding
(millions) 1,333 1,334
Book Value per Common Share:
Actual $ 7.88 $ 7.69
Pro Forma* $ 8.26 $ 7.96
Shareholders' Equity(billions)$ 10.5 $ 10.3
* Excludes the effect on Shareholders' Equity of SFAS No. 115 and SFAS No 133.
The Company adopted SFAS No.133 on January 1,2001
(Preliminary)
Travel Related Services
Statements of Income
(Unaudited, Managed Basis)
(Dollars in millions)
Quarters Ended
March 31 Percentage
2001 2000 Inc/(Dec)
Net revenues:
Discount Revenue $ 1,925 $ 1,805 6.6 %
Net Card Fees 422 405 4.3
Lending:
Finance Charge Revenue 1,120 887 26.2
Interest Expense 429 332 29.1
Net Finance Charge Revenue 691 555 24.5
Travel Commissions and Fees 418 438 (4.5)
Travelers Cheque Investment Income 98 91 6.8
Other Revenues 911 833 9.5
Total Net Revenues 4,465 4,127 8.2
Expenses:
Marketing and Promotion 296 331 (10.5)
Provision for Losses and Claims:
Charge Card 285 278 2.4
Lending 501 335 49.4
Other 24 29 (18.2)
Total 810 642 26.0
Charge Card Interest Expense 393 314 25.6
Human Resources 1,034 1,016 1.8
Other Operating Expenses 1,195 1,193 0.1
Total Expenses 3,728 3,496 6.7
Pretax Income 737 631 16.8
Income Tax Provision 215 183 17.6
Net Income $ 522 $ 448 16.4
These Statements of Income are provided on a Managed Basis for analytical
purposes only.
They present the income statements of TRS as if there had been no securitization
transactions.
Under Statement of Financial Accounting Standards No.125 (SFAS No.125), which
prescribes the accounting for securitized receivables, TRS recognized pretax
gains of $42 million ($27 million after-tax) and $36 million ($23 million
after-tax) in the first quarters of 2001 and 2000, respectively, related to the
securitization of U.S. receivables. These gains were invested in card
acquisition activities and had no material impact on Net Income or Total
Expenses in either quarter.
For purposes of this presentation such gains and corresponding changes in
Marketing and Promotion and Other Operating Expenses have been eliminated in
each quarter.
(Preliminary)
Travel Related Services
Statements of Income
(Unaudited,GAAP Reporting Basis)
(Dollars in millions)
Quarters Ended
March 31 Percentage
2001 2000 Inc/(Dec)
Net Revenues:
Discount Revenue $ 1,925 $ 1,805 6.6 %
Net Card Fees 422 405 4.3
Lending
Finance Charge Revenue 518 524 (1.2)
Interest Expense 278 231 19.9
Net Finance Charge Revenue 240 293 (17.9)
Travel Commissions and Fees 418 438 (4.5)
Travelers Cheque Investment Income 98 91 6.8
Other Revenues 1,223 1,006 21.6
Total Net Revenues 4,326 4,038 7.1
Expenses:
Marketing and Promotion 321 352 (8.9)
Provision for Losses and Claims:
Charge Card 249 241 3.4
Lending 287 175 63.7
Other 24 29 (18.2)
Total 560 445 25.7
Charge Card Interest Expense 349 260 34.3
Net Discount Expense 113 126 (9.9)
Human Resources 1,034 1,016 1.8
Other Operating Expenses 1,212 1,208 0.3
Total Expenses 3,589 3,407 5.4
Pretax Income 737 631 16.8
Income Tax Provision 215 183 17.6
Net Income $ 522 $ 448 16.4
(Preliminary) Travel Related Services
Selected Statistical Information
(Unaudited)
(Amounts in billions, except percentages
and where indicated)
Quarters Ended
March 31, Percentage
2001 2000 Inc/Dec)
Total Cards in Force (millions):
United States 34.2 31.4 9.3 %
Outside the United States 19.0 16.5 14.9
Total 53.2 47.9 11.3
Basic Cards in Force (millions):
United States 26.9 24.5 9.8
Outside the United States 14.4 12.6 14.3
Total 41.3 37.1 11.3
Card Billed Business:
United States $ 55.6 $ 50.6 9.8
Outside the United States 18.4 17.7 3.8
Total $ 74.0 $ 68.3 8.2
Average Discount Rate (A) 2.68% 2.72% -
Average Basic Cardmember Spending
(dollars) (A) $ 1,933 $ 1,980 (2.4)
Average Fee per Card - Managed
(dollars) (A) $ 35 $ 37 (5.4)
Non-Amex Brand (B):
Cards in Force (millions) 0.6 0.6 6.1
Billed Business $ 0.8 $ 0.5 45.0
Travel Sales $ 5.0 $ 5.5 (8.9)
Travel Commissions and
Fee/Sales (C) 8.4 % 8.0 % -
Travelers Cheque:
Sales $ 5.0 $ 5.1 (0.8)
Average Outstanding $ 6.1 $ 6.1 -
Average Investments $ 6.3 $ 6.0 5.8
Tax Equivalent Yield 9.1 % 8.9 % -
Total Debt $ 35.5 $ 33.9 4.6
Shareholder's Equity $ 6.7 $ 5.8 15.3
Return on Average Equity (D) 33.0 % 31.6 % -
Return on Average Assets (E) 3.1 % 3.0 % -
(A) Computed from proprietary card activities only.
(B) This data relates to Visa and Eurocards issued in connection with joint
venture activities.
(C) Computed from information provided herein.
(D) Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No.
133. The Company adopted SFAS No. 133 on January 1, 2001.
(E) Excludes the effect on total assets of SFAS No. 115 and SFAS No. 133 to the
extent that they directly affect Shareholder's Equity.
(Preliminary) Travel Related Services
Selected Statistical Information (continued)
(Unaudited, Managed Basis)
(Amounts in billions, except
percentages and where indicated)
Quarters Ended
March 31, Percentage
2001 2000 Inc/(Dec)
Charge Card Receivables:
Total Receivables $ 26.4 $ 26.8 (1.4) %
90 Days Past Due as a % of Total 2.7 % 2.6 % -
Loss Reserves (millions) $ 1,004 $ 894 12.4
% of Receivables 3.8 % 3.3 % -
% of 90 Days Past Due 139 % 129 % -
Net Loss Ratio 0.35 % 0.34 % -
U.S. Lending:
Total Loans $ 30.2 $ 24.2 24.8
Past Due Loans as a % of Total:
30-89 Days 2.0 % 1.8 % -
90+ Days 0.9 % 0.8 % -
Loss Reserves (millions):
Beginning Balance $ 820 $ 672 22.0
Provision 426 285 49.7
Net Charge-Offs/Other (339) (268) 27.1
Ending Balance $ 907 $ 689 31.5
% of Loans 3.0 % 2.8 % -
% of Past Due 103 % 109 % -
Average Loans $ 28.9 $ 23.6 22.4
Net Write-Off Rate 5.1 % 4.6 % -
Net Interest Yield 8.3 % 7.8 % -
(Preliminary) Travel Related Services
Statement of Income
(Unaudited, Managed Basis)
(Dollars in millions)
Quarters Ended
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
Net Revenues:
Discount Revenue $ 1,925 $ 2,062 $ 1,963 $ 1,949 $ 1,805
Net Card Fees 422 417 420 411 405
Lending:
Finance Charge
Revenue 1,120 1,090 1,052 948 887
Interest Expense 429 448 429 385 332
Net Finance Charge
Revenue 691 642 623 563 555
Travel Commissions
and Fees 418 442 433 507 438
Travelers Cheque
Investment Income 98 95 103 98 91
Other Revenues 911 885 858 844 833
Total Net Revenues 4,465 4,543 4,400 4,372 4,127
Expenses:
Marketing and
Promotion 296 314 358 345 331
Provision for Losses
and Claims:
Charge Card 285 262 273 344 278
Lending 501 432 386 332 335
Other 24 19 29 28 29
Total 810 713 688 704 642
Charge Card Interest
Expense 393 383 362 350 314
Human Resources 1,034 1,046 1,017 1,048 1,016
Other Operating
Expenses 1,195 1,446 1,254 1,204 1,193
Total Expenses 3,728 3,902 3,679 3,651 3,496
Pretax Income 737 641 721 721 631
Income Tax Provision 215 171 214 216 183
Net Income $ 522 $ 470 $ 507 $ 505 $ 448
These Statements of Income are provided on a Managed Basis for analytical
purposes only. They present the income statements of TRS as if there had been
no securitization transactions. Under Statement of Financial Accounting
Standards No. 125 (SFAS No. 125), which prescribes the accounting for
securitized receivables, TRS recognized pretax gains of $42 million ($27 million
after-tax) in the first quarter of 2001, $26 million ($17 million after-tax) in
the third quarter of 2000, $80 million ($52 million after-tax) in the second
quarter of 2000 and $36 million ($23 million after-tax) in the first quarter of
2000, related to the securitization of U.S. receivables. These gains were
invested in card acquisition activities and had no material impact on Net Income
or Total Expenses in any quarter. For purposes of this presentation such gains
and corresponding changes in Marketing and Promotion and Other Operating
Expenses have been eliminated in each quarter.
(Preliminary) Travel Related Services
Statement of Income
(Unaudited, GAAP Reporting Basis)
(Dollars in millions)
Quarters Ended
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
Net Revenues:
Discount Revenue $ 1,925 $ 2,062 $ 1,963 $ 1,949 $ 1,805
Net Card Fees 422 417 418 411 405
Lending:
Finance Charge
Revenue 518 498 504 500 524
Interest Expense 278 277 272 258 231
Net Finance Charge
Revenue 240 221 232 242 293
Travel Commissions
and Fees 418 442 433 507 438
Travelers Cheque
Investment Income 98 95 103 98 91
Other Revenues 1,223 1,184 1,190 1,117 1,006
Total Net Revenues 4,326 4,421 4,339 4,324 4,038
Expenses:
Marketing and
Promotion 321 314 373 393 352
Provision for Losses
and Claims:
Charge Card 249 228 236 302 241
Lending 287 277 267 170 175
Other 24 19 29 28 29
Total 560 524 532 500 445
Charge Card Interest
Expense 349 336 312 295 260
Net Discount Expense 113 114 119 131 126
Human Resources 1,034 1,046 1,017 1,048 1,016
Other Operating
Expenses 1,212 1,446 1,265 1,236 1,208
Total Expenses 3,589 3,780 3,618 3,603 3,407
Pretax Income 737 641 721 721 631
Income Tax Provision 215 171 214 216 183
Net Income $ 522 $ 470 $ 507 $ 505 $ 448
(Preliminary)
Travel Related Services
Selected Statistical Information
(Unaudited)
(Amounts in billions, except percentages and where indicated)
Quarters Ended
March 31, December 31, September 30,
2001 2000 2000
Total Cards in Force
(millions):
United States 34.2 33.3 32.9
Outside the United States 19.0 18.4 17.5
Total 53.2 51.7 50.4
Basic Cards in Force
(millions):
United States 26.9 26.3 25.8
Outside the United
States 14.4 13.9 13.4
Total 41.3 40.2 39.2
Card Billed Business:
United States $ 55.6 $ 59.0 $ 56.2
Outside the United
States 18.4 20.0 18.6
Total $ 74.0 $ 79.0 $ 74.8
Average Discount
Rate (A) 2.68% 2.69% 2.70%
Average Basic Cardmember
Spending (dollars) (A) $ 1,933 $ 2,113 $ 2,041
Average Fee per Card -
Managed (dollars) (A) $ 35 $ 35 $ 36
Non-Amex Brand (B):
Cards in Force (millions) 0.6 0.6 0.6
Billed Business $ 0.8 $ 1.1 $ 0.8
Travel Sales $ 5.0 $ 5.5 $ 5.4
Travel Commissions
and Fees/Sales (C) 8.4% 8.0% 8.0%
Travelers Cheque:
Sales $ 5.0 $ 5.1 $ 7.7
Average Outstanding $ 6.1 $ 6.2 $ 6.9
Average Investments $ 6.3 $ 6.2 $ 6.7
Tax Equivalent Yield 9.1% 9.1% 8.8%
Total Debt $ 35.5 $ 40.0 $ 35.2
Shareholder's Equity $ 6.7 $ 6.6 $ 6.3
Return on Average
Equity (D) 33.0% 33.0% 32.6%
Return on Average
Assets (E) 3.1% 3.0% 3.0%
(A) Computed from proprietary card activities only.
(B) This data relates to Visa and Eurocards issued in connection with joint
venture activities.
(C) Computed from information provided herein.
(D) Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No.
133. The Company adopted SFAS No. 133 on January 1, 2001.
(E) Excludes the effect on total assets of SFAS No. 115 and SFAS No. 133 to the
extent that they directly affect Shareholder's Equity.
(Preliminary)
Travel Related Services
Selected Statistical Information
(Unaudited)
(Amounts in billions, except percentages and where indicated)
Quarters Ended
June 30, March 31,
2000 2000
Total Cards in Force
(millions):
United States 32.5 31.4
Outside the United States 16.9 16.5
Total 49.4 47.9
Basic Cards in Force
(millions):
United States 25.3 24.5
Outside the United States 12.9 12.6
Total 38.2 37.1
Card Billed Business:
United States $ 55.8 $ 50.6
Outside the United States 18.7 17.7
Total $ 74.5 $ 68.3
Average Discount
Rate (A) 2.69% 2.72%
Average Basic Cardmember
Spending (dollars) (A) $ 2,085 $ 1,980
Average Fee per Card -
Managed (dollars) (A) $ 36 $ 37
Non-Amex Brand (B):
Cards in Force (millions) 0.6 0.6
Billed Business $ 0.7 $ 0.5
Travel Sales $ 6.2 $ 5.5
Travel Commissions
and Fees/Sales (C) 8.2% 8.0%
Travelers Cheque:
Sales $ 6.7 $ 5.1
Average Outstanding $ 6.5 $ 6.1
Average Investments $ 6.2 $ 6.0
Tax Equivalent Yield 8.9% 8.9%
Total Debt $ 31.1 $ 33.9
Shareholder's Equity $ 6.0 $ 5.8
Return on Average
Equity (D) 32.2% 31.6%
Return on Average
Assets (E) 3.0% 3.0%
(A) Computed from proprietary card activities only.
(B) This data relates to Visa and Eurocards issued in connection with joint
venture activities.
(C) Computed from information provided herein.
(D) Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No.
133. The Company adopted SFAS No. 133 on January 1, 2001.
(E) Excludes the effect on total assets of SFAS No. 115 and SFAS No. 133 to the
extent that they directly affect Shareholder's Equity.
(Preliminary)
Travel Related Services
Selected Statistical Information (continued)
(Unaudited, Managed Basis)
(Amounts in billions, except percentages and where indicated)
Quarters Ended
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
Charge Card
Receivables:
Total
Receivables $ 26.4 $ 29.0 $ 28.1 $ 27.4 $ 26.8
90 Days Past
Due as a % of
Total 2.7% 2.3% 2.3% 2.4% 2.6%
Loss Reserves
(millions) $ 1,004 $ 964 $ 987 $ 986 $ 894
% of
Receivables 3.8% 3.3% 3.5% 3.6% 3.3%
% of 90 Days
Past Due 139% 142% 152% 153% 129%
Net Loss
Ratio 0.35% 0.36% 0.37% 0.36% 0.34%
U.S. Lending:
Total Loans $ 30.2 $ 28.7 $ 27.1 $ 25.9 $ 24.2
Past Due Loans
as a % of
Total:
30-89 Days 2.0% 1.9% 1.8% 1.6% 1.8%
90+ Days 0.9% 0.9% 0.8% 0.8% 0.8%
Loss Reserves
(millions):
Beginning
Balance $ 820 $ 731 $ 686 $ 689 $ 672
Provision 426 377 328 268 285
Net Charge-
Offs/Other (339) (288) (283) (271) (268)
Ending Balance $ 907 $ 820 $ 731 $ 686 $ 689
% of Loans 3.0% 2.9% 2.7% 2.6% 2.8%
% of Past Due 103% 104% 103% 109% 109%
Average Loans $ 28.9 $ 27.6 $ 26.6 $ 25.2 $ 23.6
Net Write-Off
Rate 5.1% 4.4% 4.3% 4.4% 4.6%
Net Interest
Yield 8.3% 7.7% 7.8% 7.4% 7.8%
(Preliminary)
American Express Financial Advisors
Statements of Income
(Unaudited)
(Dollars in millions)
Quarters Ended
March 31, Percentage
2001 2000 Inc/(Dec)
Net Revenues:
Investment Income $ 368 $ 572 (35.7)%
Management and
Distribution Fees 638 688 (7.3)
Other Revenues 277 246 12.3
Total Revenues 1,283 1,506 (14.8)
Provision for Losses
and Benefits:
Annuities 238 259 (8.3)
Insurance 157 139 13.0
Investment Certificates 82 89 (8.0)
Total 477 487 (2.2)
Net Revenues 806 1,019 (20.9)
Expenses:
Human Resources 548 498 10.1
Other Operating
Expenses 188 166 12.8
Total Expenses 736 664 10.8
Pretax Income 70 355 (80.2)
Income Tax Provision 19 110 (82.3)
Net Income $ 51 $ 245 (79.2)
(Preliminary)
American Express Financial Advisors
Selected Statistical Information
(Unaudited)
(Dollars in millions, except where indicated)
Quarters Ended
March 31, Percentage
2001 2000 Inc/(Dec)
Investments (billions) $ 31.2 $ 30.3 3.0%
Client Contract Reserves
(billions) $ 31.7 $ 31.0 2.3
Shareholder's Equity
(billions) $ 4.7 $ 3.9 21.6
Return on Average
Equity* 17.8% 23.0% -
Life Insurance in Force
(billions) $ 100.0 $ 91.7 9.0
Assets Owned, Managed or
Administered (billions):
Assets Managed for
Institutions $ 53.7 $ 57.4 (6.3)
Assets Owned, Managed
or Administered for
Individuals:
Owned Assets:
Separate Account
Assets 27.4 38.4 (28.7)
Other Owned Assets 42.0 39.8 5.6
Total Owned Assets 69.4 78.2 (11.3)
Managed Assets 99.8 122.7 (18.7)
Administered Assets 30.8 31.2 (1.2)
Total $ 253.7 $ 289.5 (12.4)
Market Appreciation
(Depreciation) During
the Period:
Owned Assets:
Separate Account
Assets $ (5,204) $ 2,332 -
Other Owned Assets $ 608 $ (120) -
Total Managed Assets $ (14,453) $ 7,020 -
Cash Sales:
Mutual Funds $ 9,889 $ 12,104 (18.3)
Annuities 1,381 1,362 1.4
Investment Certificates 954 835 14.2
Life and Other
Insurance Products 244 237 3.3
Institutional 2,506 1,551 61.6
Other 1,955 573 #
Total Cash Sales $ 16,929 $ 16,662 1.6
Number of Financial
Advisors 12,052 11,094 8.6
Fees from Financial Plans
and Advice Services $ 27.6 $ 26.3 4.9
Percentage of Total
Sales from Financial
Plans and Advice
Services 73.0% 66.9% -
* Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No. 133.
The Company adopted SFAS No. 133 on January 1, 2001.
# Denotes variance of more than 100%.
(Preliminary)
American Express Financial Advisors
Statements of Income
(Unaudited)
(Dollars in millions)
Quarters Ended
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
Net Revenues:
Investment
Income $ 368 $ 546 $ 582 $ 592 $ 572
Management and
Distribution
Fees 638 722 700 701 688
Other Revenues 277 273 258 248 246
Total Revenues 1,283 1,541 1,540 1,541 1,506
Provision for
Losses and
Benefits:
Annuities 238 251 253 254 259
Insurance 157 134 146 138 139
Investment
Certificates 82 90 89 68 89
Total 477 475 488 460 487
Net Revenues 806 1,066 1,052 1,081 1,019
Expenses:
Human Resources 548 540 527 528 498
Other Operating
Expenses 188 182 138 156 166
Total Expenses 736 722 665 684 664
Pretax Income 70 344 387 397 355
Income Tax
Provision 19 102 118 122 110
Net Income $ 51 $ 242 $ 269 $ 275 $ 245
(Preliminary)
American Express Financial Advisors
Selected Statistical Information
(Unaudited)
(Dollars in millions, except where indicated)
Quarters Ended
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
Investments
(billions) $ 31.2 $ 30.5 $ 30.0 $ 30.0 $ 30.3
Client Contract
Reserves
(billions) $ 31.7 $ 31.4 $ 31.4 $ 31.0 $ 31.0
Shareholder's
Equity
(billions) $ 4.7 $ 4.4 $ 4.2 $ 4.0 $ 3.9
Return on
Average
Equity* 17.8% 22.6% 23.1% 23.1% 23.0%
Life Insurance
in Force
(billions) $ 100.0 $ 98.1 $ 95.8 $ 93.8 $ 91.7
Assets Owned,
Managed or
Administered
(billions):
Assets Managed
for
Institutions $ 53.7 $ 55.0 $ 56.7 $ 56.1 $ 57.4
Assets Owned,
Managed or
Administered
for
Individuals:
Owned Assets:
Separate Account
Assets 27.4 32.3 36.6 36.5 38.4
Other Owned
Assets 42.0 41.3 40.6 39.9 39.8
Total Owned
Assets 69.4 73.6 77.2 76.4 78.2
Managed
Assets 99.8 112.0 122.0 119.6 122.7
Administered
Assets 30.8 34.4 38.0 34.1 31.2
Total $ 253.7 $ 275.0 $ 293.9 $ 286.2 $ 289.5
Market Appreciation
(Depreciation) During
the Period:
Owned Assets:
Separate Account
Assets $ (5,204) $ (4,937) $ (203) $ (2,301) $ 2,332
Other Owned
Assets $ 608 $ 153 $ 163 $ (90) $ (120)
Total Managed
Assets $ (14,453) $ (14,923) $ (76) $ (6,488) $ 7,020
Cash Sales:
Mutual Funds $ 9,889 $ 9,890 $ 11,698 $ 10,376 $ 12,104
Annuities 1,381 1,493 1,465 1,566 1,362
Investment
Certificates 954 722 868 871 835
Life and Other
Insurance
Products 244 225 220 219 237
Institutional 2,506 1,571 1,922 1,557 1,551
Other 1,955 1,508 815 661 573
Total Cash
Sales $ 16,929 $ 15,409 $ 16,988 $ 15,250 $ 16,662
Number of Financial
Advisors 12,052 12,663 12,137 11,486 11,094
Fees from
Financial Plans
and Advice
Services $ 27.6 $ 21.4 $ 26.1 $ 23.9 $ 26.3
Percentage of
Total Sales from
Financial Plans
and Advice
Services 73.0% 70.3% 69.2% 66.1% 66.9%
* Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No. 133.
The Company adopted SFAS No. 133 on January 1, 2001.
(Preliminary)
American Express Bank
Statements of Income
(Unaudited)
(Dollars in millions)
Quarters Ended
March 31, Percentage
2001 2000 Inc/(Dec)
Net Revenues:
Interest Income $ 187 $ 183 2.5%
Interest Expense 122 118 4.1
Net Interest Income 65 65 -
Commissions and Fees 52 52 -
Foreign Exchange Income
& Other Revenue 41 33 25.0
Total Net Revenues 158 150 5.3
Expenses:
Human Resources 62 66 (5.5)
Other Operating Expenses 66 68 (4.2)
Provision for Losses 16 8 #
Total Expenses 144 142 1.1
Pretax Income 14 8 83.8
Income Tax Provision 5 1 #
Net Income $ 9 $ 7 18.9
# Denotes variance of more than 100%.
(Preliminary)
American Express Bank
Selected Statistical Information
(Unaudited)
(Dollars in millions, except where indicated)
Quarters Ended
March 31, Percentage
2001 2000 Inc/(Dec)
Total Shareholder's
Equity (millions) $ 774 $ 697 11.0%
Return on Average
Common Equity (A) 4.6% 3.5% -
Return on Average
Assets (B) 0.26% 0.19% -
Total Loans $ 5.4 $ 5.0 8.2
Total Non-performing
Loans (millions) $ 187 $ 174 7.4
Other Non-performing
Assets (millions) $ 24 $ 31 (22.8)
Reserve for Credit
Losses (millions) (C) $ 164 $ 189 (13.4)
Loan Loss Reserves
as a % of Total Loans 2.8% 3.4% -
Deposits $ 8.5 $ 8.4 2.0
Assets Managed (D)/
Administered $ 10.7 $ 9.4 14.7
Assets of Non-Consolidated
Joint Ventures $ 2.1 $ 2.4 (13.5)
Risk-Based Capital Ratios:
Tier 1 10.7% 10.1% -
Total 11.4% 11.6% -
Leverage Ratio 5.8% 5.6% -
(A) Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No.
133. The Company adopted SFAS No. 133 on January 1, 2001.
(B) Excludes the effect on total assets of SFAS No. 115 and SFAS No. 133 to the
extent that they directly affect Shareholder's Equity.
(C) Allocation:
Loans $ 149 $ 170
Other Assets,
primarily
derivatives 12 15
Other Liabilities 3 4
Total Credit Loss
Reserves $ 164 $ 189
(D) Includes assets managed by American Express Financial Advisors.
(Preliminary)
American Express Bank
Statements of Income
(Unaudited)
(Dollars in millions)
Quarters Ended
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
Net Revenues:
Interest
Income $ 187 $ 181 $ 188 $ 183 $ 183
Interest
Expense 122 122 125 120 118
Net Interest
Income 65 59 63 63 65
Commissions and
Fees 52 52 54 56 52
Foreign Exchange
Income &
Other Revenue 41 33 29 32 33
Total Net
Revenues 158 144 146 151 150
Expenses:
Human
Resources 62 60 65 65 66
Other Operating
Expenses 66 68 67 69 68
Provision for
Losses 16 8 6 7 8
Total
Expenses 144 136 138 141 142
Pretax
Income 14 8 8 10 8
Income Tax
Provision 5 2 1 3 1
Net Income $ 9 $ 6 $ 7 $ 7 $ 7
(Preliminary) American Express Bank
Selected Statistical Information
(Unaudited)
(Dollars in billions, except where indicated)
Quarters Ended
March 31, December 31, September 30,
2001 2000 2000
Total Shareholder's $ 774 $ 754 $ 729
Equity (millions)
Return on Average 4.6% 4.4% 4.1%
Common Equity (A)
Return on Average 0.26% 0.26% 0.24%
Assets(B)
Total Loans $ 5.4 $ 5.3 $ 5.1
Total Non-performing $ 187 $ 137 $ 156
Loans (millions)
Other Non-performing $ 24 $ 24 $ 37
Assets (millions)
Reserve for Credit $ 164 $ 153 $ 179
Losses (millions) (C)
Loan Loss Reserves as 2.8% 2.6% 3.1%
a % of Total Loans
Deposits $ 8.5 $ 8.0 $ 8.0
Assets Managed(D)/ $ 10.7 $ 10.6 $ 10.2
Administered
Assets of Non-
Consolidated
Joint Ventures $ 2.1 $ 2.1 $ 2.3
Risk-Based Capital
Ratios:
Tier 1 10.7% 10.1% 10.4%
Total 11.4% 11.4% 11.9%
Leverage Ratio 5.8% 5.9% 5.8%
(A) Excludes the effect on Shareholder's Equity of SFAS No.115 and SFAS No.133.
The Company adopted SFAS No.133 on January 1, 2001.
(B) Excludes the effect on total assets of SFAS No.115 and SFAS No.133 to the
extent that they both directly affect Shareholder's Equity.
(C) Allocation:
Loans $ 149 $ 137 $ 158
Other Assets,
primarily
derivatives 12 14 16
Other Liabilities 3 2 5
Total Credit Loss
Reserves $ 164 $ 153 $ 179
(D) Includes assets managed by American Express Financial Advisors.
(Preliminary) American Express Bank
Selected Statistical Information
(Unaudited)
(Dollars in billions, except where indicated)
Quarters Ended
June 30, March 31,
2000 2000
Total Shareholder's $ 707 $ 697
Equity (millions)
Return on Average 3.7% 3.5%
Common Equity (A)
Return on Average 0.21% 0.19%
Assets(B)
Total Loans $ 5.1 $ 5.0
Total Non-performing $ 174 $ 174
Loans (millions)
Other Non-performing $ 36 $ 31
Assets (millions)
Reserve for Credit $ 187 $ 189
Losses (millions) (C)
Loan Loss Reserves as 3.3% 3.4%
a % of Total Loans
Deposits $ 8.2 $ 8.4
Assets Managed(D)/ $ 9.8 $ 9.4
Administered
Assets of Non-Consolidated
Joint Ventures $ 2.3 $ 2.4
Risk-Based Capital Ratios:
Tier 1 10.3% 10.1%
Total 11.9% 11.6%
Leverage Ratio 5.8% 5.6%
(A) Excludes the effect on Shareholder's Equity of SFAS No.115 and SFAS No.133.
The Company adopted SFAS No.133 on January 1, 2001.
(B) Excludes the effect on total assets of SFAS No.115 and SFAS No.133 to the
extent that they both directly affect Shareholder's Equity.
(C) Allocation:
Loans $ 166 $ 170
Other Assets, primarily 16 15
derivatives
Other Liabilities 5 4
Total Credit Loss
Reserves $ 187 $ 189
(D) Includes assets managed by American Express Financial Advisors.
(Preliminary) American Express Bank
Exposures By Country and Region
(Unaudited)
($ in billions)
Net Guar-
antees & 03/31/01 12/31/00
FX and Contin- Total Total
Country Loans Derivatives gents Other* Exposure** Exposure**
Hong Kong $ 0.9 - $ 0.1 $ 0.1 $ 1.0 $ 0.7
Indonesia 0.1 - - 0.1 0.2 0.3
Singapore 0.5 - 0.1 - 0.6 0.7
Korea 0.1 - - 0.2 0.4 0.4
Taiwan 0.2 - - 0.1 0.3 0.3
China - - - - - -
Japan - - - - 0.1 0.1
Thailand - - - - - -
Other - - - 0.2 0.2 0.2
Total Asia/Pacific
Region** 1.8 $ 0.1 0.3 0.7 2.9 2.9
Chile 0.2 - - 0.1 0.4 0.3
Brazil 0.2 - - 0.1 0.4 0.3
Mexico 0.1 - - - 0.1 0.1
Peru - - - - 0.1 0.1
Argentina 0.1 - - - 0.1 0.1
Other 0.3 - 0.2 0.1 0.6 0.5
Total Latin
America** 0.9 0.1 0.3 0.3 1.6 1.4
India 0.3 - 0.1 0.3 0.7 0.7
Pakistan 0.1 - - 0.1 0.2 0.3
Other 0.1 - 0.1 0.1 0.2 0.2
Total Sub-
continent** 0.4 - 0.1 0.5 1.1 1.2
Egypt 0.2 - - 0.2 0.5 0.5
Other 0.2 - - 0.1 0.3 0.2
Total Middle
East &
Africa** 0.4 - 0.1 0.3 0.7 0.7
Total
Europe*** 1.6 0.1 0.4 3.0 5.1 4.5
Total North
America** 0.3 - 0.3 1.5 2.1 2.1
Total
Worldwide** $ 5.4 $ 0.3 $ 1.5 $ 6.2 $ 13.5 $ 12.7
* Includes cash, placements and securities.
** Individual items may not add to totals due to rounding.
*** Total exposures at 3/31/01 and 12/31/00 include $2 million and $3 million of
exposures to Russia, respectively.
Note: Includes cross-border and local exposure and does not net local funding or
liabilities against any local exposure.
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