American Express Company (NYSE: AXP) reported second quarter 2021 earnings today.
Consolidated total revenues, net of interest expense, were $10.2 billion, up 33% from the same period a year ago, reflecting growth in Card Member spending, as well as a rise in the average discount rate due to higher levels of travel and entertainment spending in the US.
Net income was $2.3 billion, or $2.80 per share, compared to $257 million, or $0.29 per share, last year. This year’s results included $866 million in credit reserve releases, driven mainly by strong credit performance and improvements in the macroeconomic outlook.
Based on current trends, the company is confident it can come within the high end of the range of EPS expectations it had for 2020 in 2022.
