American Express (AXP) reported strong financial performance for Q3 2024, with total revenues net of interest expense reaching $16,636 million, an increase of $1,255 million or 8% compared to Q3 2023. This growth was driven by higher non-interest revenues and net interest income, reflecting robust consumer and business spending trends.

Net income for Q3 2024 was $2,507 million, up slightly from $2,451 million in Q3 2023, representing a 2% increase. Earnings per diluted share rose to $3.49 from $3.30, reflecting a 6% improvement year-over-year. This growth was supported by higher revenues and effective cost management.

Non-interest revenues for Q3 2024 totaled $12,630 million, up from $11,939 million in Q3 2023. Key contributors included discount revenue of $8,780 million (up from $8,408 million) and net card fees of $2,170 million (up from $1,846 million), indicating increased card usage and customer engagement.

Interest income rose significantly to $6,149 million in Q3 2024, compared to $5,240 million in Q3 2023, driven by higher interest on loans and deposits. However, interest expense also increased to $2,143 million from $1,798 million, reflecting higher funding costs.

Provisions for credit losses increased to $1,356 million in Q3 2024, up from $1,233 million in Q3 2023, reflecting higher reserves for potential credit risks. This increase aligns with the growth in card member loans and receivables.

Total expenses for Q3 2024 were $12,076 million, up from $11,048 million in Q3 2023. The increase was primarily driven by higher card member rewards expenses ($4,168 million vs. $3,794 million) and marketing expenses ($1,470 million vs. $1,236 million), reflecting investments in customer engagement and acquisition.

For the nine months ended September 30, 2024, total revenues net of interest expense reached $48,770 million, a 9% increase from $44,716 million in the same period of 2023. This growth was driven by higher discount revenue, net card fees, and interest income.

Net income for the nine months ended September 30, 2024, was $7,959 million, up from $6,441 million in the same period of 2023, representing a 24% increase. Earnings per diluted share for the period rose to $10.97 from $8.59, reflecting strong operational performance and revenue growth.

Card member loans grew significantly to $134,548 million as of September 30, 2024, compared to $117,978 million a year earlier, reflecting increased consumer borrowing. Customer deposits also rose to $135,438 million from $124,439 million, supporting the company's funding base.

American Express achieved a return on average equity of 33.9% for Q3 2024, slightly lower than 36.3% in Q3 2023, but still reflecting strong profitability. The effective tax rate for the quarter was 21.8%, up from 20.9% in the prior year.