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Name | Symbol | Market | Type |
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Barclays 24 | LSE:17PS | London | Medium Term Loan |
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RNS Number:5191C American Express Co 23 April 2001 PART 2 (Preliminary) American Express Company Financial Summary (Unaudited) (Dollars in millions) Quarters Ended March 31 Percentage 2001 2000 Inc/(Dec) Net Revenues (Managed Basis)(A) Travel Related Services $ 4,465 $ 4,127 8 % American Express Financial Advisors 806 1,019 (21) American Express Bank 158 150 5 5,429 5,296 3 Corporate and Other, including adjustments and eliminations (48) (37) (30) CONSOLIDATED NET REVENUES (MANAGED BASIS)(A) $ 5,381 $ 5,259 2 Pretax Income Travel Related Services $ 737 $ 631 17 American Express Financial Advisors 70 355 (80) American Express Bank 14 8 84 821 994 (17) Corporate and Other (80) (74) (9) PRETAX INCOME $ 741 $ 920 (19) Net Income Travel Related Services $ 522 $ 448 16 American Express Financial Advisors 51 245 (79) American Express Bank 9 7 19 582 700 (17) Corporate and Other (44) (44) - NET INCOME $ 538 $ 656 (18) (A) Managed net revenues are reported net of interest expense, where applicable, and American Express Financial Advisors' provision for losses and benefits, and exclude the effect of TRS' securitization activities. (Preliminary) American Express Company Financial Summary (Continued) (Unaudited) Quarters Ended March 31 Percentage 2001 2000 Inc/(Dec) EARNINGS PER SHARE Basic Earnings Per Common Share $ 0.41 $ 0.49 (16) % Average common shares outstanding(millions) 1,323 1,331 (1) Diluted Earnings Per Common Share $ 0.40 $ 0.48 (17) Average common shares outstanding(millions) 1,344 1,362 (1) Cash dividends declared per common share $ 0.08 $ 0.08 - Selected Statistical Information (Unaudited) Quarters Ended March 31 Percentage 2001 2000 Inc/(Dec) Return on Average Equity* 23.5% 25.4% - Common Shares Outstanding (millions) 1,326 1,334 (1)% Book Value per Common Share: Actual $ 9.02 $ 7.69 17 % Pro Forma* $ 8.94 $ 7.96 12 % Shareholders' Equity(billions) $ 12.0 $ 10.3 16 % * Excludes the effect on Shareholders' Equity of SFAS No. 115 and SFAS No.133. The Company adopted SFAS No.133 on January 1, 2001. (Preliminary) American Express Company Financial Summary (Unaudited) (Dollars in millions) Quarters Ended March 31, December 31 September 30, 2001 2000 2000 Net Revenues(Managed Basis(A) Travel Related Services $ 4,465 $ 4,543 $ 4,400 American Express Financial 806 1,066 1,052 Advisors American Express Bank 158 144 146 5,429 5,753 5,598 Corporate and Other, including adjustments and eliminations (48) (39) (44) CONSOLIDATED NET REVENUES (MANAGED BASIS)(A) $ 5,381 $ 5,714 $ 5,554 Pretax Income Travel Related Services $ 737 $ 641 $ 721 American Express Financial Advisors 70 344 387 American Express Bank 14 8 8 821 993 1,116 Corporate and Other (80) (80) (87) PRETAX INCOME $ 741 $ 913 $ 1,029 Net Income Travel Related Services $ 522 $ 470 $ 507 American Express Financial Advisors 51 242 269 American Express Bank 9 6 7 582 718 783 Corporate and Other (44) (41) (46) NET INCOME $ 538 $ 677 $ 737 Quarters Ended June 30, March 31, 2000 2000 Net Revenues(Managed Basis)(A) Travel Related Services $ 4,372 $ 4,127 American Express Financial Advisors 1,081 1,019 American Express Bank 151 150 5,604 5,296 Corporate and Other, including adjustments and eliminations (46) (37) CONSOLIDATED NET REVENUES (MANAGED BASIS)(A) $ 5,558 $ 5,259 Pretax Income Travel Related Services $ 721 $ 631 American Express Financial Advisors 397 355 American Express Bank 10 8 1,128 994 Corporate and Other (82) (74) PRETAX INCOME $ 1,046 $ 920 Net Income Travel Related Services $ 505 $ 448 American Express Financial Advisors 275 245 American Express Bank 7 7 787 700 Corporate and Other (47) (44) NET INCOME $ 740 $ 656 (A) Managed net revenues are reported net of interest expense, where applicable, and American Express Financial Advisors' provision for losses and benefits, and exclude the effect of TRS' securitization activities. (Preliminary) American Express Company Financial Summary(continued) (Unaudited) Quarters Ended March 31, December 31 September 30, 2001 2000 2000 EARNINGS PER SHARE Basic Earnings Per Common Share $ 0.41 $ 0.51 $ 0.56 Average common shares outstanding(millions) 1,323 1,322 1,326 Diluted Earnings Per Common Share $ 0.40 $ 0.50 $ 0.54 Average common shares outstanding(millions) 1,344 1,355 1,361 Cash dividends declared per common share $ 0.08 $ 0.08 $ 0.08 Quarters Ended June 30, March 31 2000 2000 EARNINGS PER SHARE Basic Earnings Per Common Share $ 0.56 $ 0.49 Average common shares outstanding(millions) 1,328 1,331 Diluted Earnings Per Common Share $ 0.54 $ 0.48 Average common shares outstanding(millions) 1,361 1,362 Cash dividends declared per common share $ 0.08 $ 0.08 Selected Statistical Information (Unaudited) Quarters Ended March 31, December 31, September 30, 2001 2000 2000 Return on Average Equity* 23.5% 25.3% 25.5% Common Shares Outstanding (millions) 1,326 1,326 1,329 Book Value per Common Share: Actual $ 9.02 $ 8.81 $ 8.44 Pro Forma* $ 8.94 $ 8.92 $ 8.68 Shareholders' Equity(billions)$ 12.0 $ 11.7 $ 11.2 Quarters Ended June 30, March 31 2000 2000 Return on Average Equity* 25.5% 25.4% Common Shares Outstanding (millions) 1,333 1,334 Book Value per Common Share: Actual $ 7.88 $ 7.69 Pro Forma* $ 8.26 $ 7.96 Shareholders' Equity(billions)$ 10.5 $ 10.3 * Excludes the effect on Shareholders' Equity of SFAS No. 115 and SFAS No 133. The Company adopted SFAS No.133 on January 1,2001 (Preliminary) Travel Related Services Statements of Income (Unaudited, Managed Basis) (Dollars in millions) Quarters Ended March 31 Percentage 2001 2000 Inc/(Dec) Net revenues: Discount Revenue $ 1,925 $ 1,805 6.6 % Net Card Fees 422 405 4.3 Lending: Finance Charge Revenue 1,120 887 26.2 Interest Expense 429 332 29.1 Net Finance Charge Revenue 691 555 24.5 Travel Commissions and Fees 418 438 (4.5) Travelers Cheque Investment Income 98 91 6.8 Other Revenues 911 833 9.5 Total Net Revenues 4,465 4,127 8.2 Expenses: Marketing and Promotion 296 331 (10.5) Provision for Losses and Claims: Charge Card 285 278 2.4 Lending 501 335 49.4 Other 24 29 (18.2) Total 810 642 26.0 Charge Card Interest Expense 393 314 25.6 Human Resources 1,034 1,016 1.8 Other Operating Expenses 1,195 1,193 0.1 Total Expenses 3,728 3,496 6.7 Pretax Income 737 631 16.8 Income Tax Provision 215 183 17.6 Net Income $ 522 $ 448 16.4 These Statements of Income are provided on a Managed Basis for analytical purposes only. They present the income statements 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 $42 million ($27 million after-tax) and $36 million ($23 million after-tax) in the first quarters of 2001 and 2000, respectively, related to the securitization of U.S. receivables. These gains were invested in card acquisition activities and had no material impact on Net Income or Total Expenses in either quarter. For purposes of this presentation such gains and corresponding changes in Marketing and Promotion and Other Operating Expenses have been eliminated in each quarter. (Preliminary) Travel Related Services Statements of Income (Unaudited,GAAP Reporting Basis) (Dollars in millions) Quarters Ended March 31 Percentage 2001 2000 Inc/(Dec) Net Revenues: Discount Revenue $ 1,925 $ 1,805 6.6 % Net Card Fees 422 405 4.3 Lending Finance Charge Revenue 518 524 (1.2) Interest Expense 278 231 19.9 Net Finance Charge Revenue 240 293 (17.9) Travel Commissions and Fees 418 438 (4.5) Travelers Cheque Investment Income 98 91 6.8 Other Revenues 1,223 1,006 21.6 Total Net Revenues 4,326 4,038 7.1 Expenses: Marketing and Promotion 321 352 (8.9) Provision for Losses and Claims: Charge Card 249 241 3.4 Lending 287 175 63.7 Other 24 29 (18.2) Total 560 445 25.7 Charge Card Interest Expense 349 260 34.3 Net Discount Expense 113 126 (9.9) Human Resources 1,034 1,016 1.8 Other Operating Expenses 1,212 1,208 0.3 Total Expenses 3,589 3,407 5.4 Pretax Income 737 631 16.8 Income Tax Provision 215 183 17.6 Net Income $ 522 $ 448 16.4 (Preliminary) Travel Related Services Selected Statistical Information (Unaudited) (Amounts in billions, except percentages and where indicated) Quarters Ended March 31, Percentage 2001 2000 Inc/Dec) Total Cards in Force (millions): United States 34.2 31.4 9.3 % Outside the United States 19.0 16.5 14.9 Total 53.2 47.9 11.3 Basic Cards in Force (millions): United States 26.9 24.5 9.8 Outside the United States 14.4 12.6 14.3 Total 41.3 37.1 11.3 Card Billed Business: United States $ 55.6 $ 50.6 9.8 Outside the United States 18.4 17.7 3.8 Total $ 74.0 $ 68.3 8.2 Average Discount Rate (A) 2.68% 2.72% - Average Basic Cardmember Spending (dollars) (A) $ 1,933 $ 1,980 (2.4) Average Fee per Card - Managed (dollars) (A) $ 35 $ 37 (5.4) Non-Amex Brand (B): Cards in Force (millions) 0.6 0.6 6.1 Billed Business $ 0.8 $ 0.5 45.0 Travel Sales $ 5.0 $ 5.5 (8.9) Travel Commissions and Fee/Sales (C) 8.4 % 8.0 % - Travelers Cheque: Sales $ 5.0 $ 5.1 (0.8) Average Outstanding $ 6.1 $ 6.1 - Average Investments $ 6.3 $ 6.0 5.8 Tax Equivalent Yield 9.1 % 8.9 % - Total Debt $ 35.5 $ 33.9 4.6 Shareholder's Equity $ 6.7 $ 5.8 15.3 Return on Average Equity (D) 33.0 % 31.6 % - Return on Average Assets (E) 3.1 % 3.0 % - (A) Computed from proprietary card activities only. (B) This data relates to Visa and Eurocards issued in connection with joint venture activities. (C) Computed from information provided herein. (D) Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No. 133. The Company adopted SFAS No. 133 on January 1, 2001. (E) Excludes the effect on total assets of SFAS No. 115 and SFAS No. 133 to the extent that they directly affect Shareholder's Equity. (Preliminary) Travel Related Services Selected Statistical Information (continued) (Unaudited, Managed Basis) (Amounts in billions, except percentages and where indicated) Quarters Ended March 31, Percentage 2001 2000 Inc/(Dec) Charge Card Receivables: Total Receivables $ 26.4 $ 26.8 (1.4) % 90 Days Past Due as a % of Total 2.7 % 2.6 % - Loss Reserves (millions) $ 1,004 $ 894 12.4 % of Receivables 3.8 % 3.3 % - % of 90 Days Past Due 139 % 129 % - Net Loss Ratio 0.35 % 0.34 % - U.S. Lending: Total Loans $ 30.2 $ 24.2 24.8 Past Due Loans as a % of Total: 30-89 Days 2.0 % 1.8 % - 90+ Days 0.9 % 0.8 % - Loss Reserves (millions): Beginning Balance $ 820 $ 672 22.0 Provision 426 285 49.7 Net Charge-Offs/Other (339) (268) 27.1 Ending Balance $ 907 $ 689 31.5 % of Loans 3.0 % 2.8 % - % of Past Due 103 % 109 % - Average Loans $ 28.9 $ 23.6 22.4 Net Write-Off Rate 5.1 % 4.6 % - Net Interest Yield 8.3 % 7.8 % - (Preliminary) Travel Related Services Statement of Income (Unaudited, Managed Basis) (Dollars in millions) Quarters Ended March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 Net Revenues: Discount Revenue $ 1,925 $ 2,062 $ 1,963 $ 1,949 $ 1,805 Net Card Fees 422 417 420 411 405 Lending: Finance Charge Revenue 1,120 1,090 1,052 948 887 Interest Expense 429 448 429 385 332 Net Finance Charge Revenue 691 642 623 563 555 Travel Commissions and Fees 418 442 433 507 438 Travelers Cheque Investment Income 98 95 103 98 91 Other Revenues 911 885 858 844 833 Total Net Revenues 4,465 4,543 4,400 4,372 4,127 Expenses: Marketing and Promotion 296 314 358 345 331 Provision for Losses and Claims: Charge Card 285 262 273 344 278 Lending 501 432 386 332 335 Other 24 19 29 28 29 Total 810 713 688 704 642 Charge Card Interest Expense 393 383 362 350 314 Human Resources 1,034 1,046 1,017 1,048 1,016 Other Operating Expenses 1,195 1,446 1,254 1,204 1,193 Total Expenses 3,728 3,902 3,679 3,651 3,496 Pretax Income 737 641 721 721 631 Income Tax Provision 215 171 214 216 183 Net Income $ 522 $ 470 $ 507 $ 505 $ 448 These Statements of Income are provided on a Managed Basis for analytical purposes only. They present the income statements 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 $42 million ($27 million after-tax) in the first quarter of 2001, $26 million ($17 million after-tax) in the third quarter of 2000, $80 million ($52 million after-tax) in the second quarter of 2000 and $36 million ($23 million after-tax) in the first quarter of 2000, related to the securitization of U.S. receivables. These gains were invested in card acquisition activities and had no material impact on Net Income or Total Expenses in any quarter. For purposes of this presentation such gains and corresponding changes in Marketing and Promotion and Other Operating Expenses have been eliminated in each quarter. (Preliminary) Travel Related Services Statement of Income (Unaudited, GAAP Reporting Basis) (Dollars in millions) Quarters Ended March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 Net Revenues: Discount Revenue $ 1,925 $ 2,062 $ 1,963 $ 1,949 $ 1,805 Net Card Fees 422 417 418 411 405 Lending: Finance Charge Revenue 518 498 504 500 524 Interest Expense 278 277 272 258 231 Net Finance Charge Revenue 240 221 232 242 293 Travel Commissions and Fees 418 442 433 507 438 Travelers Cheque Investment Income 98 95 103 98 91 Other Revenues 1,223 1,184 1,190 1,117 1,006 Total Net Revenues 4,326 4,421 4,339 4,324 4,038 Expenses: Marketing and Promotion 321 314 373 393 352 Provision for Losses and Claims: Charge Card 249 228 236 302 241 Lending 287 277 267 170 175 Other 24 19 29 28 29 Total 560 524 532 500 445 Charge Card Interest Expense 349 336 312 295 260 Net Discount Expense 113 114 119 131 126 Human Resources 1,034 1,046 1,017 1,048 1,016 Other Operating Expenses 1,212 1,446 1,265 1,236 1,208 Total Expenses 3,589 3,780 3,618 3,603 3,407 Pretax Income 737 641 721 721 631 Income Tax Provision 215 171 214 216 183 Net Income $ 522 $ 470 $ 507 $ 505 $ 448 (Preliminary) Travel Related Services Selected Statistical Information (Unaudited) (Amounts in billions, except percentages and where indicated) Quarters Ended March 31, December 31, September 30, 2001 2000 2000 Total Cards in Force (millions): United States 34.2 33.3 32.9 Outside the United States 19.0 18.4 17.5 Total 53.2 51.7 50.4 Basic Cards in Force (millions): United States 26.9 26.3 25.8 Outside the United States 14.4 13.9 13.4 Total 41.3 40.2 39.2 Card Billed Business: United States $ 55.6 $ 59.0 $ 56.2 Outside the United States 18.4 20.0 18.6 Total $ 74.0 $ 79.0 $ 74.8 Average Discount Rate (A) 2.68% 2.69% 2.70% Average Basic Cardmember Spending (dollars) (A) $ 1,933 $ 2,113 $ 2,041 Average Fee per Card - Managed (dollars) (A) $ 35 $ 35 $ 36 Non-Amex Brand (B): Cards in Force (millions) 0.6 0.6 0.6 Billed Business $ 0.8 $ 1.1 $ 0.8 Travel Sales $ 5.0 $ 5.5 $ 5.4 Travel Commissions and Fees/Sales (C) 8.4% 8.0% 8.0% Travelers Cheque: Sales $ 5.0 $ 5.1 $ 7.7 Average Outstanding $ 6.1 $ 6.2 $ 6.9 Average Investments $ 6.3 $ 6.2 $ 6.7 Tax Equivalent Yield 9.1% 9.1% 8.8% Total Debt $ 35.5 $ 40.0 $ 35.2 Shareholder's Equity $ 6.7 $ 6.6 $ 6.3 Return on Average Equity (D) 33.0% 33.0% 32.6% Return on Average Assets (E) 3.1% 3.0% 3.0% (A) Computed from proprietary card activities only. (B) This data relates to Visa and Eurocards issued in connection with joint venture activities. (C) Computed from information provided herein. (D) Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No. 133. The Company adopted SFAS No. 133 on January 1, 2001. (E) Excludes the effect on total assets of SFAS No. 115 and SFAS No. 133 to the extent that they directly affect Shareholder's Equity. (Preliminary) Travel Related Services Selected Statistical Information (Unaudited) (Amounts in billions, except percentages and where indicated) Quarters Ended June 30, March 31, 2000 2000 Total Cards in Force (millions): United States 32.5 31.4 Outside the United States 16.9 16.5 Total 49.4 47.9 Basic Cards in Force (millions): United States 25.3 24.5 Outside the United States 12.9 12.6 Total 38.2 37.1 Card Billed Business: United States $ 55.8 $ 50.6 Outside the United States 18.7 17.7 Total $ 74.5 $ 68.3 Average Discount Rate (A) 2.69% 2.72% Average Basic Cardmember Spending (dollars) (A) $ 2,085 $ 1,980 Average Fee per Card - Managed (dollars) (A) $ 36 $ 37 Non-Amex Brand (B): Cards in Force (millions) 0.6 0.6 Billed Business $ 0.7 $ 0.5 Travel Sales $ 6.2 $ 5.5 Travel Commissions and Fees/Sales (C) 8.2% 8.0% Travelers Cheque: Sales $ 6.7 $ 5.1 Average Outstanding $ 6.5 $ 6.1 Average Investments $ 6.2 $ 6.0 Tax Equivalent Yield 8.9% 8.9% Total Debt $ 31.1 $ 33.9 Shareholder's Equity $ 6.0 $ 5.8 Return on Average Equity (D) 32.2% 31.6% Return on Average Assets (E) 3.0% 3.0% (A) Computed from proprietary card activities only. (B) This data relates to Visa and Eurocards issued in connection with joint venture activities. (C) Computed from information provided herein. (D) Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No. 133. The Company adopted SFAS No. 133 on January 1, 2001. (E) Excludes the effect on total assets of SFAS No. 115 and SFAS No. 133 to the extent that they directly affect Shareholder's Equity. (Preliminary) Travel Related Services Selected Statistical Information (continued) (Unaudited, Managed Basis) (Amounts in billions, except percentages and where indicated) Quarters Ended March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 Charge Card Receivables: Total Receivables $ 26.4 $ 29.0 $ 28.1 $ 27.4 $ 26.8 90 Days Past Due as a % of Total 2.7% 2.3% 2.3% 2.4% 2.6% Loss Reserves (millions) $ 1,004 $ 964 $ 987 $ 986 $ 894 % of Receivables 3.8% 3.3% 3.5% 3.6% 3.3% % of 90 Days Past Due 139% 142% 152% 153% 129% Net Loss Ratio 0.35% 0.36% 0.37% 0.36% 0.34% U.S. Lending: Total Loans $ 30.2 $ 28.7 $ 27.1 $ 25.9 $ 24.2 Past Due Loans as a % of Total: 30-89 Days 2.0% 1.9% 1.8% 1.6% 1.8% 90+ Days 0.9% 0.9% 0.8% 0.8% 0.8% Loss Reserves (millions): Beginning Balance $ 820 $ 731 $ 686 $ 689 $ 672 Provision 426 377 328 268 285 Net Charge- Offs/Other (339) (288) (283) (271) (268) Ending Balance $ 907 $ 820 $ 731 $ 686 $ 689 % of Loans 3.0% 2.9% 2.7% 2.6% 2.8% % of Past Due 103% 104% 103% 109% 109% Average Loans $ 28.9 $ 27.6 $ 26.6 $ 25.2 $ 23.6 Net Write-Off Rate 5.1% 4.4% 4.3% 4.4% 4.6% Net Interest Yield 8.3% 7.7% 7.8% 7.4% 7.8% (Preliminary) American Express Financial Advisors Statements of Income (Unaudited) (Dollars in millions) Quarters Ended March 31, Percentage 2001 2000 Inc/(Dec) Net Revenues: Investment Income $ 368 $ 572 (35.7)% Management and Distribution Fees 638 688 (7.3) Other Revenues 277 246 12.3 Total Revenues 1,283 1,506 (14.8) Provision for Losses and Benefits: Annuities 238 259 (8.3) Insurance 157 139 13.0 Investment Certificates 82 89 (8.0) Total 477 487 (2.2) Net Revenues 806 1,019 (20.9) Expenses: Human Resources 548 498 10.1 Other Operating Expenses 188 166 12.8 Total Expenses 736 664 10.8 Pretax Income 70 355 (80.2) Income Tax Provision 19 110 (82.3) Net Income $ 51 $ 245 (79.2) (Preliminary) American Express Financial Advisors Selected Statistical Information (Unaudited) (Dollars in millions, except where indicated) Quarters Ended March 31, Percentage 2001 2000 Inc/(Dec) Investments (billions) $ 31.2 $ 30.3 3.0% Client Contract Reserves (billions) $ 31.7 $ 31.0 2.3 Shareholder's Equity (billions) $ 4.7 $ 3.9 21.6 Return on Average Equity* 17.8% 23.0% - Life Insurance in Force (billions) $ 100.0 $ 91.7 9.0 Assets Owned, Managed or Administered (billions): Assets Managed for Institutions $ 53.7 $ 57.4 (6.3) Assets Owned, Managed or Administered for Individuals: Owned Assets: Separate Account Assets 27.4 38.4 (28.7) Other Owned Assets 42.0 39.8 5.6 Total Owned Assets 69.4 78.2 (11.3) Managed Assets 99.8 122.7 (18.7) Administered Assets 30.8 31.2 (1.2) Total $ 253.7 $ 289.5 (12.4) Market Appreciation (Depreciation) During the Period: Owned Assets: Separate Account Assets $ (5,204) $ 2,332 - Other Owned Assets $ 608 $ (120) - Total Managed Assets $ (14,453) $ 7,020 - Cash Sales: Mutual Funds $ 9,889 $ 12,104 (18.3) Annuities 1,381 1,362 1.4 Investment Certificates 954 835 14.2 Life and Other Insurance Products 244 237 3.3 Institutional 2,506 1,551 61.6 Other 1,955 573 # Total Cash Sales $ 16,929 $ 16,662 1.6 Number of Financial Advisors 12,052 11,094 8.6 Fees from Financial Plans and Advice Services $ 27.6 $ 26.3 4.9 Percentage of Total Sales from Financial Plans and Advice Services 73.0% 66.9% - * Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No. 133. The Company adopted SFAS No. 133 on January 1, 2001. # Denotes variance of more than 100%. (Preliminary) American Express Financial Advisors Statements of Income (Unaudited) (Dollars in millions) Quarters Ended March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 Net Revenues: Investment Income $ 368 $ 546 $ 582 $ 592 $ 572 Management and Distribution Fees 638 722 700 701 688 Other Revenues 277 273 258 248 246 Total Revenues 1,283 1,541 1,540 1,541 1,506 Provision for Losses and Benefits: Annuities 238 251 253 254 259 Insurance 157 134 146 138 139 Investment Certificates 82 90 89 68 89 Total 477 475 488 460 487 Net Revenues 806 1,066 1,052 1,081 1,019 Expenses: Human Resources 548 540 527 528 498 Other Operating Expenses 188 182 138 156 166 Total Expenses 736 722 665 684 664 Pretax Income 70 344 387 397 355 Income Tax Provision 19 102 118 122 110 Net Income $ 51 $ 242 $ 269 $ 275 $ 245 (Preliminary) American Express Financial Advisors Selected Statistical Information (Unaudited) (Dollars in millions, except where indicated) Quarters Ended March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 Investments (billions) $ 31.2 $ 30.5 $ 30.0 $ 30.0 $ 30.3 Client Contract Reserves (billions) $ 31.7 $ 31.4 $ 31.4 $ 31.0 $ 31.0 Shareholder's Equity (billions) $ 4.7 $ 4.4 $ 4.2 $ 4.0 $ 3.9 Return on Average Equity* 17.8% 22.6% 23.1% 23.1% 23.0% Life Insurance in Force (billions) $ 100.0 $ 98.1 $ 95.8 $ 93.8 $ 91.7 Assets Owned, Managed or Administered (billions): Assets Managed for Institutions $ 53.7 $ 55.0 $ 56.7 $ 56.1 $ 57.4 Assets Owned, Managed or Administered for Individuals: Owned Assets: Separate Account Assets 27.4 32.3 36.6 36.5 38.4 Other Owned Assets 42.0 41.3 40.6 39.9 39.8 Total Owned Assets 69.4 73.6 77.2 76.4 78.2 Managed Assets 99.8 112.0 122.0 119.6 122.7 Administered Assets 30.8 34.4 38.0 34.1 31.2 Total $ 253.7 $ 275.0 $ 293.9 $ 286.2 $ 289.5 Market Appreciation (Depreciation) During the Period: Owned Assets: Separate Account Assets $ (5,204) $ (4,937) $ (203) $ (2,301) $ 2,332 Other Owned Assets $ 608 $ 153 $ 163 $ (90) $ (120) Total Managed Assets $ (14,453) $ (14,923) $ (76) $ (6,488) $ 7,020 Cash Sales: Mutual Funds $ 9,889 $ 9,890 $ 11,698 $ 10,376 $ 12,104 Annuities 1,381 1,493 1,465 1,566 1,362 Investment Certificates 954 722 868 871 835 Life and Other Insurance Products 244 225 220 219 237 Institutional 2,506 1,571 1,922 1,557 1,551 Other 1,955 1,508 815 661 573 Total Cash Sales $ 16,929 $ 15,409 $ 16,988 $ 15,250 $ 16,662 Number of Financial Advisors 12,052 12,663 12,137 11,486 11,094 Fees from Financial Plans and Advice Services $ 27.6 $ 21.4 $ 26.1 $ 23.9 $ 26.3 Percentage of Total Sales from Financial Plans and Advice Services 73.0% 70.3% 69.2% 66.1% 66.9% * Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No. 133. The Company adopted SFAS No. 133 on January 1, 2001. (Preliminary) American Express Bank Statements of Income (Unaudited) (Dollars in millions) Quarters Ended March 31, Percentage 2001 2000 Inc/(Dec) Net Revenues: Interest Income $ 187 $ 183 2.5% Interest Expense 122 118 4.1 Net Interest Income 65 65 - Commissions and Fees 52 52 - Foreign Exchange Income & Other Revenue 41 33 25.0 Total Net Revenues 158 150 5.3 Expenses: Human Resources 62 66 (5.5) Other Operating Expenses 66 68 (4.2) Provision for Losses 16 8 # Total Expenses 144 142 1.1 Pretax Income 14 8 83.8 Income Tax Provision 5 1 # Net Income $ 9 $ 7 18.9 # Denotes variance of more than 100%. (Preliminary) American Express Bank Selected Statistical Information (Unaudited) (Dollars in millions, except where indicated) Quarters Ended March 31, Percentage 2001 2000 Inc/(Dec) Total Shareholder's Equity (millions) $ 774 $ 697 11.0% Return on Average Common Equity (A) 4.6% 3.5% - Return on Average Assets (B) 0.26% 0.19% - Total Loans $ 5.4 $ 5.0 8.2 Total Non-performing Loans (millions) $ 187 $ 174 7.4 Other Non-performing Assets (millions) $ 24 $ 31 (22.8) Reserve for Credit Losses (millions) (C) $ 164 $ 189 (13.4) Loan Loss Reserves as a % of Total Loans 2.8% 3.4% - Deposits $ 8.5 $ 8.4 2.0 Assets Managed (D)/ Administered $ 10.7 $ 9.4 14.7 Assets of Non-Consolidated Joint Ventures $ 2.1 $ 2.4 (13.5) Risk-Based Capital Ratios: Tier 1 10.7% 10.1% - Total 11.4% 11.6% - Leverage Ratio 5.8% 5.6% - (A) Excludes the effect on Shareholder's Equity of SFAS No. 115 and SFAS No. 133. The Company adopted SFAS No. 133 on January 1, 2001. (B) Excludes the effect on total assets of SFAS No. 115 and SFAS No. 133 to the extent that they directly affect Shareholder's Equity. (C) Allocation: Loans $ 149 $ 170 Other Assets, primarily derivatives 12 15 Other Liabilities 3 4 Total Credit Loss Reserves $ 164 $ 189 (D) Includes assets managed by American Express Financial Advisors. (Preliminary) American Express Bank Statements of Income (Unaudited) (Dollars in millions) Quarters Ended March 31, December 31, September 30, June 30, March 31, 2001 2000 2000 2000 2000 Net Revenues: Interest Income $ 187 $ 181 $ 188 $ 183 $ 183 Interest Expense 122 122 125 120 118 Net Interest Income 65 59 63 63 65 Commissions and Fees 52 52 54 56 52 Foreign Exchange Income & Other Revenue 41 33 29 32 33 Total Net Revenues 158 144 146 151 150 Expenses: Human Resources 62 60 65 65 66 Other Operating Expenses 66 68 67 69 68 Provision for Losses 16 8 6 7 8 Total Expenses 144 136 138 141 142 Pretax Income 14 8 8 10 8 Income Tax Provision 5 2 1 3 1 Net Income $ 9 $ 6 $ 7 $ 7 $ 7 (Preliminary) American Express Bank Selected Statistical Information (Unaudited) (Dollars in billions, except where indicated) Quarters Ended March 31, December 31, September 30, 2001 2000 2000 Total Shareholder's $ 774 $ 754 $ 729 Equity (millions) Return on Average 4.6% 4.4% 4.1% Common Equity (A) Return on Average 0.26% 0.26% 0.24% Assets(B) Total Loans $ 5.4 $ 5.3 $ 5.1 Total Non-performing $ 187 $ 137 $ 156 Loans (millions) Other Non-performing $ 24 $ 24 $ 37 Assets (millions) Reserve for Credit $ 164 $ 153 $ 179 Losses (millions) (C) Loan Loss Reserves as 2.8% 2.6% 3.1% a % of Total Loans Deposits $ 8.5 $ 8.0 $ 8.0 Assets Managed(D)/ $ 10.7 $ 10.6 $ 10.2 Administered Assets of Non- Consolidated Joint Ventures $ 2.1 $ 2.1 $ 2.3 Risk-Based Capital Ratios: Tier 1 10.7% 10.1% 10.4% Total 11.4% 11.4% 11.9% Leverage Ratio 5.8% 5.9% 5.8% (A) Excludes the effect on Shareholder's Equity of SFAS No.115 and SFAS No.133. The Company adopted SFAS No.133 on January 1, 2001. (B) Excludes the effect on total assets of SFAS No.115 and SFAS No.133 to the extent that they both directly affect Shareholder's Equity. (C) Allocation: Loans $ 149 $ 137 $ 158 Other Assets, primarily derivatives 12 14 16 Other Liabilities 3 2 5 Total Credit Loss Reserves $ 164 $ 153 $ 179 (D) Includes assets managed by American Express Financial Advisors. (Preliminary) American Express Bank Selected Statistical Information (Unaudited) (Dollars in billions, except where indicated) Quarters Ended June 30, March 31, 2000 2000 Total Shareholder's $ 707 $ 697 Equity (millions) Return on Average 3.7% 3.5% Common Equity (A) Return on Average 0.21% 0.19% Assets(B) Total Loans $ 5.1 $ 5.0 Total Non-performing $ 174 $ 174 Loans (millions) Other Non-performing $ 36 $ 31 Assets (millions) Reserve for Credit $ 187 $ 189 Losses (millions) (C) Loan Loss Reserves as 3.3% 3.4% a % of Total Loans Deposits $ 8.2 $ 8.4 Assets Managed(D)/ $ 9.8 $ 9.4 Administered Assets of Non-Consolidated Joint Ventures $ 2.3 $ 2.4 Risk-Based Capital Ratios: Tier 1 10.3% 10.1% Total 11.9% 11.6% Leverage Ratio 5.8% 5.6% (A) Excludes the effect on Shareholder's Equity of SFAS No.115 and SFAS No.133. The Company adopted SFAS No.133 on January 1, 2001. (B) Excludes the effect on total assets of SFAS No.115 and SFAS No.133 to the extent that they both directly affect Shareholder's Equity. (C) Allocation: Loans $ 166 $ 170 Other Assets, primarily 16 15 derivatives Other Liabilities 5 4 Total Credit Loss Reserves $ 187 $ 189 (D) Includes assets managed by American Express Financial Advisors. (Preliminary) American Express Bank Exposures By Country and Region (Unaudited) ($ in billions) Net Guar- antees & 03/31/01 12/31/00 FX and Contin- Total Total Country Loans Derivatives gents Other* Exposure** Exposure** Hong Kong $ 0.9 - $ 0.1 $ 0.1 $ 1.0 $ 0.7 Indonesia 0.1 - - 0.1 0.2 0.3 Singapore 0.5 - 0.1 - 0.6 0.7 Korea 0.1 - - 0.2 0.4 0.4 Taiwan 0.2 - - 0.1 0.3 0.3 China - - - - - - Japan - - - - 0.1 0.1 Thailand - - - - - - Other - - - 0.2 0.2 0.2 Total Asia/Pacific Region** 1.8 $ 0.1 0.3 0.7 2.9 2.9 Chile 0.2 - - 0.1 0.4 0.3 Brazil 0.2 - - 0.1 0.4 0.3 Mexico 0.1 - - - 0.1 0.1 Peru - - - - 0.1 0.1 Argentina 0.1 - - - 0.1 0.1 Other 0.3 - 0.2 0.1 0.6 0.5 Total Latin America** 0.9 0.1 0.3 0.3 1.6 1.4 India 0.3 - 0.1 0.3 0.7 0.7 Pakistan 0.1 - - 0.1 0.2 0.3 Other 0.1 - 0.1 0.1 0.2 0.2 Total Sub- continent** 0.4 - 0.1 0.5 1.1 1.2 Egypt 0.2 - - 0.2 0.5 0.5 Other 0.2 - - 0.1 0.3 0.2 Total Middle East & Africa** 0.4 - 0.1 0.3 0.7 0.7 Total Europe*** 1.6 0.1 0.4 3.0 5.1 4.5 Total North America** 0.3 - 0.3 1.5 2.1 2.1 Total Worldwide** $ 5.4 $ 0.3 $ 1.5 $ 6.2 $ 13.5 $ 12.7 * Includes cash, placements and securities. ** Individual items may not add to totals due to rounding. *** Total exposures at 3/31/01 and 12/31/00 include $2 million and $3 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.
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