In the 1Q 2012, these four Credit Card Corps had Total Pretax Income of a huge $5.4 bil, a very nice increase of 16% over the 1Q 2011.
American Express' modest $41 mil increase in its 1Q 2012 Pretax Income was due to a larger 1Q 2012 Loan Loss Provision Charge of $315 mil.
I don't think it is good for the US economy, and fair for that matter, for these Credit Card Corps to generate 16% earnings growth in the current quarter, when so many smaller businesses and individuals, their customers, are suffering so much economically in this same quarter.
Below here are the 1Q 2012 Pretax Earnings of these four US Big Credit Card Corps, along with that earned in the prior year's 1Q.
| Increase | Increase | |||
| PTI | PTI | (Decrease) | (Decrease) | |
| 1Q 2012 | 1Q 2011 | Amount | % | |
| mils $s | mils $s | mils $s | ||
| US Big Credit Card Corps | ||||
| American Express | 1,773 | 1,732 | 41 | 2% |
| Visa | 1,609 | 1,377 | 232 | 17% |
| Discover Financial Services | 1,014 | 720 | 294 | 41% |
| MasterCard | 999 | 836 | 163 | 19% |
| Total all 4 | 5,395 | 4,665 | 730 | 16% |
