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January 19, 2012

American Express Releases Fourth Quarter 2011 Financial Results

Amex logo 140pxAmerican Express has reported financial results for the fourth quarter 2011. Net income of $1.2 billion, up 12 percent from $1.1 billion in the year-ago period. Kenneth I. Chenault, chairman and chief executive officer, American Express commented:

“Cardmembers spent a record amount on their American Express cards, continuing a trend that has translated into overall share gains during the last two years. Billed business rose 11%, showing broad-based improvements from the strong levels of a year ago. Online spending was strong as we capitalized on the accelerating popularity of digital commerce. Revolving credit balances grew, but at a much slower rate than spending as Cardmembers continued to manage their debt and household finances more cautiously. Credit quality remained excellent, with past-due loans and write-offs at historically low levels.

Payments Views - The First Natural Law of Mobile Payments

GP Logo Horizontal 140pxOver on Payments Views, our sister site, Glenbrook's Russ Jones blogs about The First Natural Law of Mobile Payments. Here's a hint.

There are lots of different mobile payment domains, lots of different use cases, and lots of different solutions — but if they don’t involve a mobile device to some degree, we certainly can’t call them mobile payments!

Bank of America Reports 4Q2011 Financial Results

BankofAmerica logo 140pxBank of America has reported financial results for the fourth quarter 2011.

Card Services reported net income of $1.0 billion, compared to $1.3 billion in the year-ago quarter. The decrease in net income is due to lower revenue, partially offset by lower credit costs. Revenue declined 24 percent to $4.1 billion from the year-ago quarter, driven by a decrease in net interest income of $647 million from lower average loans and yields. Also contributing to the decline in revenue was lower noninterest income due to the implementation of new interchange fee rules in the fourth quarter of 2011 as a result of the Durbin Amendment, which reduced revenue by $430 million.
The number of new U.S. credit card accounts grew 53% in the fourth quarter of 2011 as compared to the year-ago quarter.

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