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American Express profit up as card spending rises

SAN FRANCISCO (MarketWatch)
American Express said Thursday fourth-quarter profit rose 12% to $1.2 billion, or $1.01 a share, up from $1.1 billion, or 88 cents a share, in the year-ago period
Earnings topped the average analyst forecast for a profit of 97 cents a share, according to FactSet Revenue was up 7% to $7.7 billion as card members spent a record amount on their American Express cards
Travel commissions and fees also grew
Revenue fell shy of analyst expectations. American Express said online spending was strong and credit quality "remained excellent, with past-due loans and write-offs at historically low levels."
Posted by Unknown at viernes, enero 20, 2012

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