The following is a summary of the American Express Company (AXP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• American Express Q1 revenues reached $15.8 billion, an 11% YoY increase, with EPS jumping by 39% to $3.33.
• The growth in revenue was primarily due to overall spending increase of 7%, with U.S. consumer card spending up 8%. Net interest income also experienced a 26% annual increase.
• The company’s fee revenues showed a robust growth, up 16% on an FX-adjusted basis while they also acquired 3.4 million new cards in Q1, the majority being fee-based products.
• American Express has maintained its full year guidance for 2024, with revenue growth projected at 9% to 11% and EPS between $12.65 and $13.15.

Business Progress:

• Over 60% of new consumer account acquisitions globally were Millennial and Gen Z consumers. However, the SME billed business growth remained relatively flat.
• American express continues to innovate in the MR program and is implementing a card refresh initiative with approximately 40 products targeted for revamp throughout the year.
• Significant growth is expected in international markets as acceptance improves. Analytics will be leveraged for better customer engagement and to offer growth opportunities to existing customers.
• The ‘Pay Over Time’ service has grown rapidly, showing strong credit performance, while their funding mix is evolving towards more deposits. American Express plans to host their 2024 Investor Day to discuss detailed strategic operational plans.