American Express profit up as card spending rises

SAN FRANCISCO (MarketWatch)
American Express on Wednesday reported first-quarter profit grew 7% to $1.3 billion, or $1.07 a share, up from $1.2 billion, or 97 cents a share, in the same 2011 period
Revenue rose 8% to $7.6 billion on higher cardmember spending
The report topped Wall Street's view
"Spending on the American Express network rose 12%, remaining strong throughout the quarter, both in the U.S. and internationally
Credit quality continues to be among the best we have ever experienced," CEO Kenneth Chenault said in a statement
On March 26, American Express hiked its quarterly dividend 11% to 20 cents a share. The stock is up 23% since Jan. 1, making it the fourth-best among the 30 stocks on the Dow Jones Industrial Average