American Express reported strong first-quarter results, with net income rising 15% year over year, fee revenue up 11%, and net interest income up 13%. Its net write-off rate improved to 2% from 2.1% in the prior quarter and the same period last year, while the 30-day delinquency rate held steady at 1.3%. These metrics significantly outperform the average bank charge-off rate of 4.01% and Discover's 5.05%, highlighting the advantage of its affluent customer base. The company maintained its full-year guidance, and its stock has historically outperformed during downturns, falling only 9% in 2022 versus a 19% drop for the S&P 500.
American Express CompanyStrong Q1 earnings with net income up 15%, fee revenue up 11%, and net interest income up 13%, plus improved credit quality metrics.
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