American Express Profit Is Up 12%

American Express Co. said fourth-quarter profit rose 12% as consumers spent more on credit cards and travel.

Net income was $763 million, or 59 cents a share, compared with $683 million, or 52 cents, a year earlier. Revenue and expenses both rose 14% in the quarter, with revenue of $7.07 billion and expenses of $5.98 billion.

Card companies are benefiting from a fourth-quarter surge in U.S. consumer spending. MBNA Corp. last week reported a 30% gain in quarterly earnings, and Citigroup Inc. said its earnings from cards increased 23%.