American Express Company (NYSE: AXP), the New York City-based global services company that offers charge and credit cards, business credit cards, travel services, gift cards, prepaid cards and merchant services, reported financial results today for its second-quarter 2017, as follows:

In reference to the Q2  results Chairman and CEO, Kenneth I. Chenault, said:

“We…continue to execute a strategy that is transforming our consumer, commercial and merchant businesses…[and] while…[this has] suppressed short-term results, we believe it will put us in a stronger position for the longer term…

Beyond any one quarter, though, we’ve been focused on emerging from the transition with a stronger, leaner, more diversified, mix of businesses…The work is not complete, but we’re now moving forward with a stronger foundation and a blueprint for growth in the years ahead…

While this work was underway, we maintained a strong balance sheet and results from the Federal Reserve’s recent stress test show a resilient business model. We’re pleased that the Fed approved our plan to return an additional $4.4 billion to shareholders over the next four quarters through share repurchases.”

Specifically,

Net income was DOWN 33% to $1.3 billion from the same period a year ago

Diluted earnings per share: were DOWN 30% to $1.47 from a year ago but $0.03 better than the Wall Street consensus estimate of $1.44.