Credit cards of American Express are photographed in this illustration picture in this March 17, 2016, file photo. REUTERS/Kai Pfaffenbach/Illustration/Files  GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH 'BUSINESS WEEK AHEAD APRIL 18'  FOR ALL IMAGES - RTX2AE8X

Credit cards of American Express are photographed in this illustration picture in this March 17, 2016, file photo. REUTERS/Kai Pfaffenbach/Illustration/Files GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH 'BUSINESS WEEK AHEAD APRIL 18' FOR ALL IMAGES -... RTX2AE8X

American Express Gets a Profit Boost From Higher Spending Customers

Earnings Reuters

Credit card issuer American Express Co <AXP.N> reported a 37 percent rise in quarterly profit, driven by higher spending by its customers and lower expenses due to a sale of its loan portfolio.

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Net income attributable to common shareholders rose to $2.02 billion, or $2.10 per share, for the second quarter ended June 30 from $1.47 billion, or $1.42 per share, a year earlier.

Total revenue, net of interest expense, fell 1 percent to $8.24 billion.

 

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Anil D'Silva)

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