American Express quarterly profit rises marginally

Credit card company American Express Co’s second-quarter profit rose marginally as cardmember spending growth moderated.

The company earned $1.34 billion, or $1.15 per share, compared with $1.33 billion, or $1.10 per share, a year earlier.

The number of outstanding shares fell 4 percent from a year earlier.

Total revenue, net of interest expense, was $7.96 billion, up 5 percent.

Spending on its cards grew at a slower pace as overall U.S. consumer confidence falls on a weak economic recovery.

“Overall cardmember spending rose 7 percent, or 9 percent adjusted for foreign currency translations. That’s slower than the increases we’ve seen in the recent quarters,” Chief Executive Officer Kenneth Chenault said in a statement.
Source: http://www.reuters.com/article/americanexpress-results-idUSL4E8II5UY20120718