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American Express said today that fourth-quarter profit rose almost 24 per cent as customers of the No 4 US credit card issuer spent more money.
The New York-based company said net income increased to US$922 million ($1.34 billion), or 75 cents a share, from US$745 million, or 59 cents a share, a year earlier.
Analysts, on average, expected earnings of 77 cents a share before one-time items, according to Reuters Estimates.
Revenue was up 13 per cent to US$7.21 billion, helped by a 41 per cent increase in lending revenue to US$990 million.
The number of outstanding American Express and related cards rose by 1.5 million during the quarter.
- REUTERS
