AmEx profit rises nine percent

American Express Co reported a 9 percent rise in second-quarter profit as more customers used its credit cards in a recovering US economy. Card member spending rose 9 percent globally to $258 billion, after adjusting for foreign currency, compared to 7 percent growth in the preceding quarter and 8 percent growth in the second quarter last year. Growth in billed business volumes was encouraging, Keefe Bruyette & Woods analyst Sanjay Sakhrani said. "We are starting to see some traction in the United States as well as in Europe."
AmEx's net income rose to $1.53 billion, or $1.43 per share, for the second quarter ended June 30, from $1.41 billion, or $1.27 per share, a year earlier. Total revenue, net of interest expense, rose 5 percent to $8.66 billion.