AmEx's profit falls 13 percent on higher rewards spend

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.

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)