Skip to content
Subscriber Only

AmEx Says Record Card Spending Drove Profit Higher

American Express Co., the biggest credit-card issuer by purchases, said record customer spending and a cut in reserves helped drive fourth-quarter profit higher.

Net income advanced 48 percent to $1.1 billion, or 88 cents a share, New York-based AmEx said yesterday in a statement, confirming preliminary results released Jan. 19. Total revenue advanced 13 percent to $7.3 billion, aided by a 15 percent gain in cardmember spending. Expenses climbed 17 percent to $5.6 billion.