American Express Company (NYSE:AXP) Q1 2024 Earnings Call Transcript

Christophe Le Caillec: Yes. So things are in Q1 played out as we were expecting, right? We — billed business came in similar to what we had experienced in the previous quarters. Card fee is moderating slightly from 17% to 16% FX-adjusted growth rate. And we’re still expecting that it will pick up a little bit in the balance of your on the back of the things that you said, including the card refreshes and acquiring a lot of premium cards. And NII at 26% is going to keep moderating because balances are moderating. So the guidance for the full year is still to be between 9% and 11%. We’ll see exactly how things play out. There are still a lot of things to find out how the late payment charges are going to come in, what’s going to happen with the interest rates. So best at this stage, I think, is to stick to the full year guidance of 9% to 11%. And — but I would say it’s Q1 validated the trends and the guidance that we gave at the beginning of the year.

Kartik Ramachandran: With that, we will bring the call to an end. Thank you again for joining today’s call and for your continued interest in American Express. The IR team will be available for any follow-up questions. Operator, back to you.

Operator: Ladies and gentlemen, the webcast replay will be available on our Investor Relations website at ir.americanexpress.com shortly after the call. You can access a digital replay of the call at 877-660-6853 or 201-612-7415 access code 13745493 after 1 PM Eastern time on April 19th through April 26th. That will conclude our conference call for today. Thank you for your participation. You may now disconnect.