NEW YORK (AP) — Credit card giant American Express posted a 34% jump in its first quarter profits on Friday, helped by more customers spending on its namesake cards as well as more customers keeping a balance on the cards.
The New York-based company said it earned $2.44 billion in the first three months of the year, or $3.33 a share, up from $1.82 billion, or $2.40 a share, a year earlier. The results exceeded Wall Street’s expectations, who were looking for roughly $2.95 a share in profits for the quarter.
The jump in profits for AmEx came largely from higher cardmember spending on their accounts as well as more balances collecting interest. The company had $15.8 billion in revenue in the quarter, up 11% from a year earlier.
AmEx customers spent $419.2 billion on their cards in the quarter, up 5% from a year earlier. AmEx takes a small percentage of each transaction spent on their cards as a fee from merchants, which was its primary business model for decades.
Iris Law puts on a very leggy display as she steps out wearing tiny grey shorts in West Hollywood
Various Activities Held Across China During New Year Holiday
Shen Addresses via Video Link at Fourth SCO Women's Forum
New Journey, New Achievements — An Overview of Achievements in China Women's Cause in the New Era
Revealed: Why you should always take your own sandwiches to the airport
Exhibition on Achievements in China Women and Children's Cause Opens in Beijing
ACWF Holds a Series of Activities to Promote Good Family Traditions of the Revolutionaries
Start of Sen. Bob Menendez's bribery trial is delayed a week to mid
ACWF, China Media Group and Ministry of Education Co
Claire Danes carries umbrella for bundled
Nine unforgettable moments from the Hangzhou Asian Para Games