American Express Profit Rises 12%
From Bloomberg News
American Express Co. said third-quarter profit rose 12% as consumers spent more on credit cards.
Net income was a record $770 million, or 59 cents a share, compared with $687 million, or 52 cents, a year ago. Revenue rose 9% to $6.42 billion.
Chief Executive Kenneth Chenault’s focus on credit cards is paying off as cardholder spending rose 15% and the number of cards rose 4.7% to 46.6 million.
Shares of New York-based American Express fell 87 cents to $46.75 on the NYSE.
