Thursday, April 23, 2009
American Express Q1 2009
AXP American Express Q1 2009
--Net revenue ex interest expense $5.9 bil vs $6.5 bil Q4 08 and $7.2 bil Q1 2008
--Net income 437 mil, vs 210 mil Q4 08 and 1 bil Q1 08; EPS 0.32
--Write-off rate 8.2% vs 6.5% Q4 08
--provision 1.4 bil
--loss reserves/NPA on reported basis 1.64
opinions
--marketweight to overweight
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