Q2 2012 results digest – Amex, Paypal, Citi, BoA, JPMorgan

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Firstly here’s Amex

  • Global Network & Merchant Services reported second quarter net income of $372 million, up 15 percent from $324 million a year ago.
  • U.S. Card Services reported second-quarter net income of $718 million, up 8 percent from $665 million a year ago.
  • International Card Services reported second-quarter net income of $178 million, up 11 percent from $161 million a year ago.
  • Global Commercial Services reported second quarter net income of $219 million, up 24 percent from $177 million a year ago.
  • Corporate and Other reported second-quarter net loss of $148 million compared with net loss of $32 million in the year ago period. The year ago period included $220 million ($136 million after-tax) from the receipt of settlement payments from MasterCard and Visa.
  • "Overall cardmember spending rose 7 percent”

Look at ebay’s Q2 and what it has to say about Paypal

  • PayPal ended the quarter with 113.2 million active registered accounts, a 13% increase over the second quarter of 2011. PayPal revenue increased 26% year over year, driven primarily by increased penetration on eBay as well as continued merchant and consumer adoption and strong growth in Bill Me Later. PayPal’s net total payment volume (TPV) grew 20% year over year to $34.5 billion. PayPal continues to focus on innovation, delivering on its vision of anytime, anywhere payments and growing its business in mobile and point of sale. This quarter, the company announced a joint venture with SoftBank in Japan, extending its global expansion strategy for small business payment solution PayPal Here. Sixteen large brand-name U.S. retailers have announced their intent to work with PayPal on point of sale initiatives. The PayPal point of sale payment solution, which gives shoppers the opportunity to pay using just their mobile phone number or PayPal payment card and PIN, was rolled out in Abercrombie & Fitch and Jos. A. Bank stores in the U.S. beginning in the quarter.

Bank of America

  • The number of mobile banking customers rose 34 percent from the year-ago quarter to 10.3 million customers, and the number of new U.S. consumer credit card accounts opened in the second quarter of 2012 was up 7 percent from the year-ago quarter.

Here’s Citigroup’s Q2 results

  • Citi-branded cards revenues declined 8% to $2.0 billion
  • Citi-branded cards loans also declined 3% the same time last year.

JP Morgan Chase

  • Credit Card average loans were $125.2 billion, flat compared with prior year and down 2% from the prior quarter.
  • Credit Card sales volume2 was $96.0 billion, up 12% compared with the prior year and 10% compared with the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since 1Q082.
    Credit Card new accounts of 1.6 million were opened; Credit Card open accounts of 63.7 million.

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