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American Express Q4 net income decreases by 47% to $637m

Global financial services company American Express Company has reported 47% decrease in fourth-quarter net income to $637m, compared to $1.2bn during the comparable period last fiscal.

Consolidated total revenues net of interest expense stood at $8.1bn, with a surge of 5% from $7.7bn, during the corresponding period earlier year, backed by rise in card-member spending and higher net interest income.

Consolidated provisions for losses summed up to $638m, up by 56% from $409m, while consolidated expenses grew by 18% to $6.6bn from $5.6bn, year-over-year.

US Card Services division registered a net income of $423m, fall by 42% from $727m, while its total revenues net of interest expense rose by 4% to $4.1bn from $3.9bn a year ago.

International Card Services division net income declined by 38% to $95m, compared to $152m, while total revenues net of interest expense for the segment grew by 5% to $1.4bn from $1.3bn during the same period last year.

Global Network & Merchant Services segment net income was $354m, with an increase of 9% from $324m, while total revenues net of interest expense stood at $1.4bn, up by 6% from $1.3bn; during the same period last fiscal.