American Express posts 11 percent rise in 4Q profit as card member spending increases

Industries Associated Press

American Express is reporting an 11 percent rise in fourth-quarter profit, as consumers spent more with the company's namesake credit cards.

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American Express said Wednesday it earned $1.45 billion, or $1.39 per share. That compares with a profit of $1.31 billion, or $1.21 a share, in the same period a year ago.

It said it saw a 6 percent rise in card spending compared to a year ago. The company's profits were also helped by a one-time $453 million after-tax gain from the sale of its stake in Concur Technologies, a travel and business expense site.

Revenue net of interest expense after provisions for losses was $8.53 billion, compared with $8.07 billion a year ago.

Analysts surveyed by FactSet expected American Express to earn $1.38 a share on $8.52 billion in revenue.