AmEx's profit falls 13 percent on higher rewards spend

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  • The logo of Dow Jones Industrial Average stock market index listed company American Express (AXP) is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson

    The logo of Dow Jones Industrial Average stock market index listed company American Express (AXP) is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson (Copyright Reuters 2017)

  • The logo of Dow Jones Industrial Average stock market index listed company American Express (AXP) is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson

    The logo of Dow Jones Industrial Average stock market index listed company American Express (AXP) is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson (Copyright Reuters 2017)

American Express Co posted a 13 percent fall in first-quarter profit, as it spent more on premium rewards to retain customers in a very competitive credit card industry.

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Net income attributable to common shareholders decreased to $1.21 billion, or $1.34 per share, in the three months ended March 31 from $1.39 billion, or $1.45 per share, a year earlier.

(Reporting by Pallavi Dewan and Nikhil Subba in Bengaluru; Editing by Savio D'Souza)