American Express Company 3Q/11 net income was $1.2 billion, up 13% from the year ago figure of $1.1 billion, while consolidated total revenues net of interest expense were $7.6 billion, up 9% from the $7.0 billion year ago figure. Consolidated provisions for losses totaled $249 million compared to $373 million in the year-ago period reflecting continued improvement in credit quality. Consolidated expenses totaled $5.6 billion, up 13 percent from $5.0 billion a year ago, reflecting higher rewards costs, which were partially offset by lower marketing and promotion expenses.
With this, U.S. Card Services posted a net income of $733 million, up 23% from $595 million a year ago, while total revenues net of interest expense increased 6% to $3.8 billion from $3.6 billion thanks to higher cardmember spending. Marketing, promotion, rewards and cardmember services expenses increased 11% from the year-ago period. Meanwhile, International Card Services posted a 3Q net income of $221 million, up 53% from the year ago figure of $144 million.Total revenues net of interest expense increased 16 percent to $1.3 billion, from $1.2 billion thanks to higher cardmember spending and the acquisition of Loyalty Partner in the first quarter of this year.