RNS No 0649v
AMERICAN EXPRESS COMPANY
26 July 1999
PART 2
American Express Company
Financial Summary
(Unaudited)
(Dollars in millions)
Quarter Ended Six Months Ended
June 30, Percentage June 30, Percentage
1999 1998 Inc/(Dec) 1999 1998 Inc/(Dec)
Net Revenues by
Segment (A)
Travel Related
Services $ 3,678 $ 3,270 12.5% $7,099 $ 6,353 11.7
American Express
Financial Advisors 916 807 13.6 1,802 1,541 16.9
American Express Bank/
Travelers Cheque 259 251 3.0 506 508 (0.6)
------- ------- ------ -------
4,853 4,328 12.1 9,407 8,402 12.0
Corporate and Other,
including adjustments
and eliminations (33) (42) 21.9 (75) (82) 8.5
CONSOLIDATED NET
REVENUES (A) $ 4,820 $ 4,286 12.5 $9,332 $ 8,320 12.2
Pretax Income by Segment
Travel Related Services $ 628 $ 546 15.0 $1,182 $ 1,028 15.0
American Express
Financial Advisors 353 309 14.2 665 580 14.5
American Express Bank/
Travelers Cheque 6 23 (73.9) 18 (151) -
987 878 12.4 1,865 1,457 28.0
Corporate and Other (92) (78) (17.1) (178) (44) *
PRETAX INCOME $ 895 $ 800 11.9 $ 1,687 $1,413 19.4
Net Income by Segment
Travel Related Services $ 411 $ 360 14.0 $ 774 $ 676 14.5
American Express
Financial Advisors 242 212 14.2 456 398 14.5
American Express Bank/
Travelers Cheque 38 47 (18.1) 79 (36) -
---- ---- ------ ----- ------
691 619 11.7 1,309 1,038 26.1
Corporate and Other (45) (41) (9.4) (88) (1) *
NET INCOME $ 646 $ 578 11.8 $ 1,221 $ 1,037 17.7
* Denotes variance of more than 100%.
(A) Net revenues are reported net of interest expense, where applicable,
and American Express Financial Advisors' provision for losses and benefits.
American Express Company
Financial Summary (continued)
(Unaudited)
Quarter Ended Six Months Ended
June 30, Percentage June 30, Percentage
1999 1998 (Inc/(Dec) 1999 1998 Inc/(Dec)
EARNINGS PER SHARE
Basic
Earnings Per Common
Share $ 1.44 $ 1.27 13.4% $ 2.73 $ 2.26 20.8%
Average common shares
outstanding (millions) 447.4 456.3 (2.0) 447.5 458.4 (2.4)
Diluted
Earnings Per Common
Share $ 1.41 $ 1.24 13.7 $ 2.67 $ 2.22 20.3
Average common shares
outstanding (millions) 457. 1 465.3 (1.8) 456.5 467.4 (2.3)
Cash dividends declared
per common share $ 0.225 $0.225 - $ 0.45 $ 0.45 -
Selected Statistical Information
(Unaudited)
Quarter Ended Six Months Ended
June 30, Percentage June 30, Percentage
1999 1998 Inc/(Dec) 1999 1998 Inc/(Dec)
Return on Average
Equity* 25.3% 23.5% - 25.3% 23.5% -
Common Shares
Outstanding (millions) 449.0 456.8 (1.7)% 449.0 456.8 (1.7)%
Book Value per Common Share:
Actual $ 21.74 $ 20.35 6.8% $21.74 $ 20.35 6.8%
Pro Forma* $ 21.77 $ 19.11 13.9% $21.77 $ 19.11 13.9%
Shareholders' Equity
(billions) $ 9.8 $ 9.3 5.0% $ 9.8 $ 9.3 5.0%
* Excludes the effect of SFAS No. 115.
American Express Company
Financial Summary
(Unaudited)
(Dollars in millions)
Quarter Ended
June 30, March 31, December 31, September 30, June 30,
1999 1999 1998 1998 1998
Net Revenues by
Segment (A)
Travel related
Services $ 3,678 $ 3,421 $ 3,545 $ 3,339 $ 3,270
American Express
Financial Advisors 916 885 837 802 807
American Express
Bank/Travelers Cheque 259 247 239 255 251
--------- -------- -------- -------- -------
4,853 4,553 4,621 4,396 4,328
Corporate and Other,
including adjustments
and eliminations (33) (42) (67) (54) (42)
CONSOLIDATED NET
REVENUES (A) $ 4,820 $ 4,511 $ 4,554 $ 4,342 $ 4,286
Pretax Income by Segment
Travel Related
Services $ 628 $ 554 $ 483 $ 554 $ 546
American Express
Financial Advisors 353 312 304 308 309
American Express
Bank/Travelers Cheque 6 12 2 20 23
-------- -------- -------- ------- -------
987 878 789 882 878
Corporate and Other (92) (87) (76) (83) (78)
PRETAX INCOME $ 895 $ 791 $ 713 $ 799 $ 800
Net Income by Segment
Travel Related
Services $ 411 $ 363 $ 326 $ 362 $ 360
American Express
Financial Advisors 242 214 209 211 212
American Express
Bank/Travelers Cheque 38 41 36 43 47
-------- -------- --------- ------- -------
691 618 571 616 619
Corporate and Other (45) (43) (41) (42) (41)
NET INCOME $ 646 $ 575 $ 530 $ 574 $ 578
(A) Net revenues are reported net of interest expense, where applicable, and
American Express Financial Advisors' provision for losses and benefits.
American Express Company
Financial Summary
(Unaudited)
Quarter Ended
June 30, March 31, December 31, September 30, June 30,
1999 1999 1998 1998 1998
EARNINGS PER SHARE
Basic
Earnings Per Common
Share $ 1.44 $ 1.28 $ 1.18 $ 1.27 $ 1.27
Average common shares
outstanding (millions) 447.4 447.7 448.7 451.6 456.3
Diluted
Earnings Per Common
Share $ 1.41 $ 1.26 $ 1.16 $ 1.25 $ 1.24
Average common shares
outstanding (millions) 457.1 456.2 456.0 459.6 465.3
Cash dividends declared
per common share $ 0.225 $ 0.225 $ 0.225 $ 0.225 $ 0.225
Selected Statistical Information
(Unaudited)
Quarter Ended
June 30, March 31, December 31, September 30, June 30,
1999 1999 1998 1998 1998
Return on Average
Equity* 25.3% 25.1% 24.0% 23.9% 23.5%
Common Shares
Outstanding (millions) 449.0 450.0 450.5 452.3 456.8
Book Value per Common
Share:
Actual $ 21.74 $ 21.74 $ 21.53 $ 20.79 $ 20.35
Pro Forma* $ 21.77 $ 20.92 $ 20.24 $ 19.28 $ 19.11
Shareholders' Equity
(billions) $ 9.8 $ 9.8 $ 9.7 $ 9.4 $ 9.3
* Excludes the effect of SFAS No. 115.
(Preliminary) Travel Related Services
Statement of Income
(Unaudited)
(Dollars in millions)
Quarter Ended
June 30, Percentage
1999 1998 Inc/(Dec)
Net Revenues:
Discount Revenue $ 1,662 $ 1,525 9.0 %
Net Card Fees 393 398 (1.4)
Travel Commissions and Fees 469 403 16.2
Other Revenues 845 614 37.8
Lending:
Finance Charge Revenue 465 493 (5.6)
Interest Expense 156 163 (4.3)
Net Finance Charge Revenue 309 330 (6.3)
Total Net Revenues 3,678 3,270 12.5
Expenses:
Marketing and Promotion 325 275 18.4
Provision for Losses and Claims:
Charge Card 249 236 5.2
Leading 137 187 (26.6)
Other 14 11 17.4
Total 400 434 (8.1)
Charge Card Interest Expense 198 203 (2.3)
Net Discount Expense 131 170 (23.1)
Human Resources 968 843 14.9
Other Operating Expenses 1,028 799 28.7
Total Expenses 3,050 2,724 12.0
Pretax Income 628 546 15.0
Income Tax Provision 217 186 16.8
Net Income $ 411 $ 360 14.0
(Preliminary) Travel Related Services
Statement of Income
(Unaudited, Managed Asset Basis)
(Dollars in million)
Quarter Ended
June 30, Percentage
1999 1998 Inc/(Dec)
Net Revenues:
Discount Revenue $ 1,662 $ 1,525 9.0 %
Net Card Fees 393 393 -
Travel Commissions and Fees 469 403 16.2
Other Revenues 669 536 25.0
Lending:
Finance Charge Revenue 684 595 14.9
Interest Expense 208 197 5.5
Net Finance Charge Revenue 476 398 19.5
Total Net Revenues 3,669 3,255 12.7
Expenses:
Marketing and Promotion 267 239 11.9
Provision for Losses and Claims:
Charge Card 288 307 (6.0)
Lending 260 251 3.6
Other 14 11 17.4
Total 562 569 (1.3)
Charge Card Interest Expense 257 259 (1.3)
Human Resources 968 843 14.9
Other Operating Expenses 987 799 23.6
Total Expenses 3,041 2,709 12.3
Pretax Income 628 546 15.0
Income Tax Provision 217 186 16.8
Net Income $ 411 $ 360 14.0
This Statement of Income is provided on a Managed Asset Oasis for analytical
purposes only. It presents the income statement 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 $99 million ($64 million after-tax)
and $36 million ($23 million after-tax) in the second quarter of 1999 and
1998, respectively, related to the securitization of U.S. receivables. These
gains were invested in additional Marketing and Promotion expenses in both
years and other business building initiatives in 1999 and had no material
impact on Net Income or Total Expenses in either quarter. For purposes of this
presentation such gains and corresponding increases in Marketing and Promotion
and Other Operating Expenses have been eliminated in each quarter.
(Preliminary) Travel Related Services
Selected Statistical Information
(Unaudited)
(Amounts in billions, except percentages and where indicated)
Quarter Ended
June 30, Percentage
1999 1998 Inc/(Dec)
Total Cards in Force (millions):-
United States 28.7 29.6 (3.0) %
Outside the United States 15.2 14.2 6.8
Total 43.9 43.8 0.2
Basic Cards in Force (millions):
United States 22.5 23.3 (3.6)
Outside the United States 11.7 11.0 6.1
Total 34.2 34.3 (0.4)
Card Billed Business:
United States $ 46.0 $ 41.4 11.0
Outside the United States 16.4 15.4 7.3
Total $ 62.4 $ 56.8 10.0
Average Discount Rate* 2.73 % 2.72 % -
Average Basic Cardmember
Spending (dollars)* $ 1,933 $ 1,717 12.6
Average Fee per Card (dollars)* $ 38 $ 38 -
Travel Sales $ 6.0 $ 4.9 22.3
Travel Commissions and Fees/Sales** 7.8 % 8.2 % -
Total Debt $ 30.6 $ 24.0 27.6
Shareholder's Equity $ 5.3 $ 5.0 6.4
Return on Average Equity*** 28.8 % 26.5 % -
Return on Average Assets*** 3.3 % 3.2 % -
* Computed excluding Cards Issued by strategic alliance partners and
independent operators as well as business billed on those Cards.
** Computed from information provided herein.
*** Excluding the effect of SFAS No. 115.
Travel Related Services
Selected Statistical Information (continued)
(Unaudited)
(Amounts in billions,except percentages and where indicated)
Quarter Ended
June 30, Percentage
1999 1998 Inc/(Dec)
Owned and Managed Charge Card
Receivables:
Total Receivables $ 24.6 $ 23.4 5.3 %
90 Days Past Due as a % of Total 2.6 % 3.1 % -
Loss Reserves (millions) $ 932 $ 1,015 (8.2)
% of Receivables 3.8 % 4.3 % -
% of 90 Days Past Due 148 % 142 % -
Net Loss Ratio 0.39 % 0.46 % -
Owned and Managed U.S. Cardmember
Lending:
Total Loans $ 18.3 $ 14.8 23.2
Past Due Loans as a % of Total:
30-89 Days 1.8 % 2.3 % -
90+ Days 0.9 % 1.1 % -
Loss Reserves (millions):
Beginning Balance $ 623 $ 591 5.5
Provision 209 219 (4.4)
Net Charge-Offs/Other (230) (233) (0.8)
Ending Balance $ 602 $ 577 4.3
% of Loans 3.3 % 3.9 % -
% of Past Due 124 % 115 % -
Average Loans $ 17.4 % $ 14.5 20.5
Net Write-Off Rate 5.3 % 6.6 % -
Net Interest Yield 9.3 % 9.5 % -
(Preliminary) Travel Related Services
Statement of Income
(Dollars in millions) (Unaudited)
Quarter Ended
June 30, March 31, December 31, September 30, June 30,
1999 1999 1998 1998 1998
Net Revenues
Discount Revenue $1,662 $1,514 $1,639 $1,522 $1,525
Net Card Fees 393 403 398 393 398
Travel Commissions
and Fees 469 426 452 441 403
Other Revenues 845 731 687 645 614
Lending:
Finance Charge Revenue 465 503 535 502 493
Interest Expense 156 156 166 164 163
Net Finance Charge
Revenue 309 347 369 338 330
Total Net Revenues 3,678 3,421 3,545 3,339 3,270
Expenses:
Marketing and
Promotion 325 270 301 310 275
Provision for Losses
and Claims:
Charge Card 249 182 100 148 236
Lending 137 235 293 224 187
Other 14 14 14 17 11
Total 400 431 407 389 434
Charge Card
Interest Expense 198 183 211 199 203
Net Discount Expense 131 143 185 170 170
Human Resources 968 912 990 924 843
Other Operating
Expenses 1,028 928 968 793 799
Total Expenses 3,050 2,867 3,062 2,785 2,724
Pretax Income 628 554 483 554 546
Income Tax Provision 217 191 157 192 186
Net Income $ 411 $ 363 $ 326 $ 362 $ 360
(Preliminary) Travel Related Services
Statement of Income
(Dollars in millions) (Unaudited, Managed Asset Basis)
Quarter Ended
June 30, March 31, December 31, September 30, June 30,
1999 1999 1998 1998 1998
Net Revenues:
Discount $1,662 $1,514 $1,639 $1,522 $1,525
Revenue
New Card Fees 393 403 398 395 393
Travel Commissions
and Fees 469 426 452 441 403
Other Revenues 669 639 617 562 536
Lending:
Finance Charge
Revenue 684 652 655 636 595
Interest Expense 208 200 211 209 197
Net Finance 476 452 444 427 398
Charge Revenue
Total Net 3,669 3,434 3,550 3,347 3,255
Revenues
Expenses:
Marketing and 267 270 301 310 239
Promotion
Provision for Losses
and Claims:
Charge Card 288 233 192 224 307
Lending 260 282 331 263 251
Other 14 14 14 17 11
Total 562 529 537 504 569
Charge Card Interest
Expense 257 241 271 262 259
Human Resources 968 912 990 924 843
Other Operating 987 928 968 793 799
Expenses
Total Expenses 3,041 2,880 3,067 2,793 2,709
Pretax Income 628 554 483 554 546
Income Tax 217 191 157 192 186
Provision
Net Income $411 $363 $326 $362 $360
This statement of Income is provided on a Managed Asset Basis for analytical
purposes only. It presents the income statement 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 $99 million ($64 million after-tax)
and $36 million ($23 million after-tax) in the second quarter of 1999 and 1998,
respectively, related to the securitization of U.S receivables. These gains h
were invested in additional Marketing and Promotion expenses in both years and
other business building initiatives in 1999 and had no material impact on Net
Income or Total Expenses in either quarter. For purposes of this presentation
such gains and corresponding increases in Marketing and Promotion and Other
Operating Expenses have been eliminated in each quarter.
(Preliminary) Travel Related Services
Selected Statistical Information
(Amounts in billions, except (Unaudited)
percentages and where indicated)
Quarter Ended
June 30, March 31, December 31, September 30, June 30,
1999 1999 1998 1998 1998
Total Cards in
Force (millions):
United States 28.7 27.9 27.8 29.5 29.6
Outside the 15.2 15.0 14.9 14.6 14.2
United States
Total 43.9 42.9 42.7 44.1 43.8
Basic Cards in
Force (millions):
United States 22.5 21.8 21.7 23.3 23.3
Outside the 11.7 11.5 11.5 11.3 11.0
United States
Total 34.2 33.3 33.2 34.6 34.3
Card Billed
Business:
United States $46.0 $41.6 $44.2 $41.5 $41.4
Outside the 16.4 15.2 17.2 15.2 15.4
United States
Total 62.4 56.8 61.4 56.7 56.8
Average Discount
Rate* 2.73% 2.73% 2.72% 2.72% 2.72%
Average Basic
Cardmember Spending
(dollars)* $ 1,933 $1,781 $1,861 $1,704 $1,717
Average Fee per $ 38 $ 40 $ 38 $ 37 $ 38
Card (dollars)*
Travel Sales $ 6.0 $ 5.3 $ 5.6 $ 5.1 $ 4.9
Travel Commissions
and Fees/Sales** 7.8% 8.0% 8.1% 8.6% 8.2%
Total Debt $ 30.6 $ 28.2 $28.0 $26.9 $24.0
Shareholder's Equity
Return on Average
Equity*** 28.8% 28.4% 27.8% 27.1% 26.5%
Return on Average
Assets*** 3.3% 3.3% 3.3% 3.3% 3.2%
* Computed excluding Cards issued by strategic alliance partners and
independent operators as well as business billed on those cards.
** Computed from information provided herein.
***Excluding the effect of SFAS No.115.
(Preliminary) Travel Related Services
Selected Statistical Information (continued)
(Unaudited)
(Amounts in billions, except percentages and where indicated)
Quarter Ended
June 30, March 31, December 31, September 30, June 30,
1999 1999 1998 1998 1998
Owned and Managed Charge Card
Receivables:
Total Receivables $ 24.6 $ 23.5 $ 24.0 $ 23.3 $ 23.4
90 Days Past Due as a
% of Total 2.6% 3.0% 2.7% 2.7% 3.1%
Loss Reserves (millions) $ 932 $ 876 $ 897 $ 961 $1,015
% of Receivables 3.8% 3.7% 3.7% 4.1% 4.3%
% of 90 Days Post Due 148% 126% 138% 151% 142%
Net Loss Ratio 0.39% 0.43% 0.42% 0.48% 0.46%
Owned and Managed U.S.
Cardmember Lending:
Total Loans $ 18.3 $ 16.7 $ 16.7 $ 15.4 $ 14.8
Past Due Loans as a %
of Total:
30-89 Days 1.8% 2.1% 2.2% 2.2% 2.3%
90+ Days 0.9% 1.0% 0.9% 1.0% 1.1%
Loss Reserves (millions):
Beginning Balance $ 623 $ 619 $ 579 $ 577 $ 591
Provision 209 244 285 236 219
Net Charge-Offs/Other (230) (240) (245) (234) (233)
Ending Balance $ 602 $ 623 $ 619 579 $ 577
% of Loans 3.3% 3.7% 3.7% 3.8% 3.9%
% of Past Due 124% 121% 120% 118% 115%
Average Loans $ 17.4 $ 16.7 $ 15.9 $ 15.2 $ 14.5
Net Write-Off Rate 5.3% 5.9% 6.2% 6.4% 6.6%
Net Interest Yield 9.3% 9.4% 9.5% 9.6% 9.5%
(Preliminary) American Express Financial Advisors
Statement of Income
(Unaudited)
(Dollars in millions)
Quarter Ended
June 30 Percentage
1999 1998 Inc/(Dec)
Net Revenues:
Investment Income $ 615 $ 603 1.9%
Management and
Distribution Fees 553 482 14.6
Other Revenues 226 197 15.3
Total Revenues 1,394 1,282 8.7
Provision for losses and
Benefits:
Annuities 273 292 (6.5)
Insurance 132 125 5.8
Investment Certificates 73 58 24.4
Total 478 475 0.5
Net Revenues 916 807 13.6
Expenses:
Human Resources 430 388 11.0
Other Operating Expenses 133 110 20.8
Total Expenses 563 498 13.2
Pretax Income 353 309 14.2
Income Tax Provision 111 97 14.3
Net Income 242 212 14.2
(Preliminary) American Express Financial Advisors
Selected Statistical Information,
(Unaudited)
(Dollars In millions, except where indicated)
Quarter Ended
June 30 Percentage
1999 1998 Inc/(Dec)
Investments (billions) $ 30.7 $ 31.0 (1.2) %
Client Contract Reserves (billions) $ 30.8 $ 30.2 2.0
Shareholder's Equity (billions) $ 4.0 $ 4.0 (0.3)
Return on Average Equity* 22.8% 22.3 % -
Life Insurance in Force (billions) $ 84.6 $ 77.8 8.7
Assets Owned, Managed or
Administered (billions):
Assets Managed for
Institutions $ 49.9 $ 44.0 13.3
Assets Owned, Managed or Administered
for Individuals:
Owned-Assets:
Separate Account Assets 30.1 26.6 13.1
Other Owned Assets 37.8 37.2 1.7
Total Owned Assets 67.9 63.8 6.5
Managed Assets 96.3 83.0 16.2
Administered Assets 18.3 11.2 62.5
Total $ 232.4 $ 202.0 15.1
Market Appreciation (Depreciation) During
the Period:
Owned Assets:
Separate Account Assets $ 1,520 $ 361 @
Other Owned Assets $ (395) $ 24 -
Total Managed Assets $ 5,063 $ 1,045 @
Sales of Selected Products:
Mutual Funds $ 6,207 $ 5,474 13.4
Annuities $ 750 $ 702 6.8
Investment Certificates $ 777 $ 383 @
Life and Other Insurance Products $ 110 $ 104 5.8
Number of Financial Advisors 10,489 9,869 6.3
Fees From
Financial Plans $ 22.8 $ 20.9 9.2
Product Sales Generated from
Financial Plans as a Percentage of
Total Sales 65.2% 64.7% -
* Excluding the effect of SFAS No. 115.
@ Denotes variance of more than 100%.
(Preliminary) American Express Financial Advisors
Statement of Income
(Unaudited)
(Dollars in millions) Quarter Ended
June 30, March 31,December 31, September30, June 30,
1999 1999 1998 1998 1998
Net Revenues:
Investment Income $ 615 $ 595 $ 647 $ 573 $ 603
Management and Distribution
Fees 553 522 476 476 482
Other Revenues 226 228 222 198 197
Total Revenues 1,394 1,345 1,345 1,247 1,282
Provision for Losses
and Benefits:
Annuities 273 270 282 280 292
Insurance 132 126 125 122 125
Investment Certificates 73 64 101 43 58
Total 478 460 508 445 475
Net Revenues 916 885 837 802 807
Expenses:
Human Resources 430 416 407 384 388
Other Operating Expenses 133 157 126 110 110
Total Expenses 563 573 533 494 498
Pretax Income 353 312 304 308 309
Income Tax Provision 111 98 95 97 97
Net Income $ 242 $ 214 $ 209 $ 211 $ 212
(Preliminary) American Express Financial Advisors
Selected Statistical Information
(unaudited)
(Dollars in millions, except where indicated)
Quarter Ended
June 30, March31, December 31,September 30, June 30,
1999 1999 1998 1998 1998
Investments (billions) $ 30.7 $ 30.6 $ 30.9 $ 30.8 $ 31.0
Client Contract
Reserves (billions) $ 30.8 $ 30.5 $ 30.3 $ 30.2 $ 30.2
Shareholder's Equity
(billions) $ 4.0 $ 4.1 $ 4.1 $ 4.1 $ 4.0
Return on Average
Equity* 22.8 % 22.6% 22.5% 22.4% 22.3%
Life Insurance in Force
(billions) $ 84.6 $ 82.9 $ 81.1 $ 79.2 $ 77.8
Assets Owned, Managed or
Administered (billions):
Assets Managed
for Institutions $ 49.9 $ 46.9 $ 45.9 $ 40.5 $ 44.0
Assets Owned, Managed
or Administered
for Individuals:
Owned Assets:
Separate Account Assets 30.1 28.2 27.3 23.0 26.6
Other Owned Assets 37.8 37.4 37.3 37.0 37.2
Total Owned Assets 67.9 65.6 64.6 60.0 63.8
Managed Assets 96.3 91.2 87.9 76.8 83.0
Administered Assets 18.3 15.7 14.0 11.2 11.2
Total $ 232.4 $ 219.4 $ 212.4 $ 188.5 $ 202.0
Market Appreciation
(Depreciation)
During the Period:
Owned Assets:
Separate Account
Assets $ 1,520 $ 912 $ 4,288 $ (3,712) $ 361
Other Owned Assets $ (395) $ (204) $ (243) $ 91 $ 24
Total Managed
Assets $ 5,063 $ 2,889 $ 14,493 $ (10,595) $ 1,045
Sales of Selected Products:
Mutual Funds $ 6,207 $ 6,033 $ 4,936 $ 5,262 $ 5,474
Annuities $ 750 $ 579 $ 557 $ 648 $ 702
Investment Certificates $ 777 $ 660 $ 575 $ 560 $ 383
Life and Other Insurance
Products $ 110 $ 92 $ 100 $ 102 $ 104
Number of
Financial Advisors 10,489 10,372 10,350 10,060 9,869
Fees From
Financial Plans $ 22.8 21.3 $ 18.4 $ 15.6 $ 20.9
Product Sales
Generated from Financial
Plans as a Percentage
of Total Sales 65.2% 66.5% 66.8% 65.4% 64.7%
* Excluding the effect of SFAS No. 115.
(Preliminary) American Express Bank/Travelers Cheque
Statement of Income
(Unaudited)
(Dollars in millions) Quarter Ended Percentage
June30, Inc(Dec)
1999 1998
Net Revenues:
Interest Income $ 183 $ 218 (16.1)%
Interest Expense 108 147 (26.2)
Net Interest Income 75 71 4.8
TC Investment Income 86 80 7.4
Foreign Exchange Income 14 35 (58.6)
Commissions,
Fees and Other Revenue 84 65 28.6
Total Net Revenues 259 251 3.0
Expenses:
Human Resources 85 79 6.6
Other Operating Expenses 150 136 10.3
Provision for Losses 18 13 38.7
Total Expenses 253 228 10.7
Pretax income 6 23 (73.9)
Income Tax Benefit (32) (24) 35.5
Net Income $ 38 $ 47 (18.1)
(Preliminary) American Express Bank/Travelers Cheque
Selected Statistical Information
(Unaudited)
(Dollars in billions, except where indicated)
Quarter Ended Percentage
June 30, Inc/(Dec)
1999 1998
Total Shareholder's
Equity (millions) $ 1,048 $ 1,135 (7.7)%
Return on Average
Common Equity* 18.5% 10.4% -
Return on Average Assets* 0.86% 0.50% -
American Express Bank:
Total Loans $ 5.2 $ 6.1 (14.9)
Total Nonperforming
Loans (millions) $ 210 $ 205 2.1
Other Nonperforming
Assets (millions) $ 55 $ 73 (24.5)
Reserve for Credit
Losses (millions)** $ 249 $ 350 (28.7)
Loan Loss Reserves as
a % of Total Loans 4.1% 4.3% -
Deposits $ 8.0 $ 8.1 (1.6)
Assets Managed /
Administered*** $ 7.0 $ 5.6 25.0
Assets of Non-Consolidated
Joint Ventures $ 2.2 $ 2.7 (20.3)
Risk-Based
Capital Ratios:
Tier 1 9.8% 9.2% -
Total 12.1% 12.2% -
Leverage Ratio 5.7% 5.6% -
Travelers Cheque:
Sales $ 6.1 $ 6.4 (5.7)
Average Outstanding $ 6.1 $ 6.0 1.2
Average Investments $ 5.7 $ 5.7 1.4
Tax equivalent yield 8.8% 9.0% -
* Excludes the effect of SFAS No. 115 for all periods presented.
** Allocation:
Loans $ 216 $ 265
Other Assets,
primarily derivatives 32 84
Other Liabilities 1 1
Total Credit Loss Reserves $ 249 $ 350
*** Includes assets managed by American Express Financial Advisors
(Preliminary) American Express Bank/Travelers Cheque
Statement of Income
(Unaudited)
(Dollars In millions) Quarter Ended
June 30, March31, December31, September 30, June 30,
1999 1999 1998 1998 1998
Net Revenues:
Interest Income $ 183 193 $ 210 $ 217 $ 218
Interest Expense 108 119 136 143 147
Net Interest Income 75 74 74 74 71
TC Investment Income 86 79 82 88 80
Foreign Exchange Income 14 18 32 30 35
Commissions, Fees
and Other Revenue 84 76 51 63 65
Total Net Revenues 259 247 239 255 251
Expenses:
Human Resources 85 82 86 83 79
Other Operating
Expenses 150 136 136 140 136
Provision for Losses 18 17 15 12 13
Total Expenses 253 235 237 235 228
Pretax Income 6 12 2 20 23
Income Tax Benefit (32) (29) (34) (23) (24)
Net Income $ 38 $ 41 $ 36 $ 43 $ 47
(Preliminary) American Express Bank/Travelers Cheque
Selected Statistical Information
(Unaudited)
(Dollars in billions. except where indicated)
Quarter Ended
June 30, March 31, December31, September 30, June30,
1999 1999 1998 1998 1998
Total Shareholder's
Equity (millions) $ 1,048 $ 1,148 $ 1,197 $ 1,210 $ 1,135
Return on Average
Common Equity* 18.5% 19.7% 4.9% 8.1 % 10.4%
Return on Average Assets* 86% 0.90% 0.23% 0.39% 0.50%
American Express Bank:
Total Loans $ 5.2 $ 5.3 $ 5.6 $ 6.1 $ 6.1
Total Non-performing
Loans (millions) $ 210 $ 209 $ 180 $ 239 $ 205
Other Non-performing
Assets (millions) $ 55 $ 64 $ 63 $ 92 $ 73
Reserve for Credit
Losses (millions)** $ 249 $ 261 $ 259 $ 348 $ 350
Loan Loss Reserves
as a % of Total Loans 4.1% 4.1% 3.8% 4.6% 4.3%
Deposits $ 8.0 $ 7.9 $ 8.3 $ 8.7 $ 8.1
Assets Managed/
Administered*** $ 7.0 $ 6.3 $ 6.2 $ 5.7 $ 5.6
Assets of Non-Consolidated
Joint Ventures $ 2.2 $ 2.6 $ 2.6 $ 2.4 $ 2.7
Risk-Based Capital Ratios:
Tier 1 9.8 % 9.8% 9.8% 9.4% 9.2%
Total 12.1 % 12.1 % 12.6% 12.2% 12.2%
Leverage Ratio 5.7% 5.4% 5.5% 5.6% 5.6%
Travelers Cheque:
Sales $ 6.1 $ 4.6 $ 5.0 7.8 $ 6.4
Average Outstanding $ 6.1 $ 5.8 $ 5.9 $ 6.4 $ 6.0
Average Investments $ 5.7 $ 5.6 $ 5.8 $ 6.1 $ 5.7
Tax equivalent yield 8.8% 8.9% 8.8 % 8.8% 9.0%
*Excludes the effect of SFAS No. 115 for all periods presented.
** Allocation
Loans $ 216 $ 218 $ 214 $ 279 $ 265
Other Assets,
primarily derivatives 32 41 43 66 84
Other Liabilities 1 2 2 3 1
Total Credit
Loss Reserves $ 249 $ 261 $ 259 $ 348 $ 350
*** Includes assets managed by American Express Financial Advisors.
American Express Bank
Exposures By Country and Region
(Unaudited)
($ in billions)
Net
Guarantees 6/30/99 3/31/99
FX and and Total Total
Country Loans Derivatives Contingents Other* Exposure** Exposure**
Hong Kong $ 0.6 - $ 0.2 $ 0.1 $ 0.9 $ 1.0
Indonesia 0.2 - - 0.2 0.4 0.4
Singapore 0.4 - 0.1 0.1 0.5 0.5
Korea 0.1 - 0.1 0.2 0.4 0.4
Taiwan 0.3 - 0.1 0.1 0.5 0.6
China - - - - - -
Japan - - - - 0.1 0.1
Thailand - - - - - -
Other - - - 0.1 0.2 0.1
Total Asia/Pacific
Region ** 1.8 $ 0.1 0.5 0.8 3.2 3.1
Chile 0.3 - - 0.1 0.4 0.4
Brazil 0.3 - - 0.1 0.3 0.4
Mexico 0.1 - - - 0.1 0.1
Peru 0.1 - - - 0.1 0.1
Argentina 0.1 - - - 0.1 0.1
Other 0.2 - 0.1 0.1 0.4 0.4
Total Latin
America ** 1.0 - 0.1 0.2 1.3 1.4
India 0.3 - 0.1 0.4 0.8 0.8
Pakistan 0.1 - - 0.1 0.2 0.2
Other 0.1 - 0.1 0.1 0.2 0.2
Total
Subcontinent** 0.5 - 0.2 0.5 1.2 1.2
Egypt 0.4 - - 0.2 0.7 0.6
Other 0.2 - 0.1 - 0.3 0.3
Total Middle East
& Africa ** 0.5 - 0.1 0.3 0.9 0.9
Total Europe *** 1.3 0.1 0.7 2.2 4.3 4.3
Total North
America ** 0.2 - 0.1 1.4 1.8 1.8
Total Worldwide** $ 5.2 $ 0.2 $ 1.8 $ 5.5 $ 12.8 $ 12.8
* Includes cash, placements and securities.
** Individual items may not add to totals due to rounding.
*** Total exposures at 6/30/99 and 3/31/99 includes $12 million and $20 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.
END
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