American Express Company (NYSE:AXP) reported second quarter 2020 earnings results today.
Total revenues dropped 29% year-over-year to $7.6 billion, mainly due to a decline in Card Member spending and a lower average discount rate.
Net income fell 85% to $257 million and EPS declined 86% to $0.29.
Consolidated provisions for losses were $1.6 billion, up from $861 million a year ago, due to a reserve build of $628 million.
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