American Express Q1 net income up 33%

American Express Q1 net income up 33%
# 21 April 2011 14:52 (UTC +04:00)
Baku - APA-Economics. American Express Co. on Wednesday said its first-quarter profit rose 33 percent as its card users increased their spending and got better about paying their bills on time.

The New York-based card issuer said its net income attributable to common shareholders rose to $1.2 billion, or 97 cents per share, compared with $873 million, or 73 cents per share, in the year-ago quarter.

Revenue rose 7 percent to $7.03 billion, from $6.58 billion last year.

Analysts, on average, were expecting profit of 90 cents per share on $7 billion revenue, according to data provided by FactSet.

The profit jump reflects a 17 percent increase in American Express card usage and higher travel spending. Card users spent $187.9 billion during the quarter, compared with $161 billion last year.
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