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American Express sees higher YOY net income in Q2

American Express Co.reported second-quarter net income attributable to common shareholders of $1.98billion, or $2.10 per share, compared with $1.44 billion, or $1.42 per share, inthe second quarter of 2015.

The S&P Capital IQ consensus GAAP EPS estimate for the quarterwas $1.89.

Net income for the quarter included a gain of $1.1 billion, or$677 million after tax, from the saleof the company's Costco U.S. co-brand card portfolio and a restructuring charge of $232 million, or $151 million aftertax, related to the company's efforts to reduce its cost base.

Total revenues, net of interest expense after provisions forlosses, were $8.24 billion for the quarter, versus $8.28 billion in the year-agoperiod. Total expenses were $4.76 billion, down from $5.59 billion in the year-agoquarter. Provisions for losses were $463million, compared with $467 million in the prior-year quarter.

The company's U.S. consumer services segment reported segmentincome of $1.07 billion, compared with $613 million in the prior-year quarter. Totalrevenues net of interest expense decreased to $3.21 billion from $3.31 billion ayear ago. Provisions for losses totaled $237 million, down from $243 million a yearago.

American Express' international consumer and network servicessegment reported net income of $228 million in the quarter, up from $193 millionin the prior-year period. Global commercial services segment income was $576 million,up from $550 million in the second quarter of 2015. Segment income for global merchantservices was $373 million, compared with $369 million in the year-ago period.

The corporate and other segment reported a net loss of $229 million,compared with a net loss of $252 million in the second quarter of 2015.

American Express stillexpects EPS for full year 2016, excluding restructuring charges and other contingencies,to be between $5.40 and $5.70. The outlook, after including year-to-date restructuringcharges, is expected to be $5.19 to $5.49. The S&P Capital IQ consensus GAAPEPS estimate for 2016 is $5.46.