American Express (AXP) reported net income of $10.1 billion, or $14.01 per diluted share, for the year ended December 31, 2024, compared to $8.4 billion, or $11.21 per share, in 2023. This increase includes a $531 million gain from the sale of Accertify. Worldwide billed business (spending on American Express cards issued by the company) reached $1.551 trillion, a 6% increase year-over-year. As of December 31, 2024, the company had 83.6 million proprietary cards in force worldwide.
Total revenues net of interest expense increased by 9% year-over-year (10% on an FX-adjusted basis), driven by a 5% increase in discount revenue and a 16% increase in net card fees. Net interest income rose by 18%, exceeding the 8% growth in total loans and Card Member receivables due to higher revolving loan balances. Provisions for credit losses increased due to higher net write-offs, partially offset by a lower reserve build compared to 2023. The company acquired a record 13 million proprietary new cards in 2024.
Strategic developments included acquisitions in 2024 of Tock and Rooam, technology companies enhancing the company's dining platform and restaurant operations. The company also highlighted its partnerships, noting that Delta Air Lines cobrand cards represented approximately 12% of worldwide billed business and 21% of worldwide Card Member loans as of December 31, 2024. American Express's global card network processed $213.9 billion in network services volume in 2024, with 62.8 million cards in force issued by third parties worldwide.
Operationally, American Express employed approximately 75,100 people as of December 31, 2024, with women representing 52.6% of the global workforce. The company reported that 90% of colleagues participating in the 2024 Colleague Experience Survey would recommend American Express as a great place to work. The company also maintained 100% pay equity across genders globally and across races and ethnicities in the United States in 2024. The company is the fourth largest general-purpose card network globally based on purchase volume.
Looking ahead, American Express plans to increase its regular quarterly dividend on common shares by approximately 17%, starting in the first quarter of 2025. The company expressed confidence in its business model but acknowledged uncertainties related to the macroeconomic environment, regulatory changes, and competition. The company intends to continue returning excess capital to shareholders through dividends and share repurchases while managing its CET1 capital ratio within its target range.
About AMERICAN EXPRESS CO
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