American Express Gets a Profit Boost From Higher Spending Customers

MarketsReuters

Credit card issuer American Express Co 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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