American Express says card spending growth slows

SAN FRANCISCO (MarketWatch)
American Express  reported late Wednesday second-quarter profit of $1.3 billion, or $1.15 a share, compared with a profit of $1.3 billion, or $1.10 a share, in the same 2011 periodç
Revenue rose 5% to $7.96 billion
Cardmember spending rose 7%, a slower rate than recent quarters
Provisions for losses totaled $461 million, up 29% from a year ago
Return on equity fell to 26.6% from 28.2%
In a statement, CEO Kenneth Chenault said the company would be "vigilant in managing discretionary expenses" given the "uncertain economic outlook."
He said American Express would continue to make substantial marketing investments