Card spending boom boosts Amex profits

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsapp Monday 24 January 2011 8:47 pm Card spending boom boosts Amex profits More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Sharecenter_img whatsapp US CREDIT card lender American Express reported fourth-quarter profits of $1.1bn (£687.8m), up 48 per cent from $716m a year ago.An increase in the use of cards worldwide helped to drive card member spending up by 15 per cent to a record $1.2bn, from $1bn, reflecting higher merchant-related revenues.Fewer overdue payments also helped the company to trim loss reserves, with consolidated provisions for losses totalling $239m, down from $748m in the year-ago period, reflecting continued improvement in credit quality. Consolidated total revenues hit $7.3bn at the fourth quarter, up 13 per cent from $6.5bn a year ago. Amex last week said it would cut around 550 jobs as part of a restructuring process at the company designed to reflect a decline in service volumes, after consumers took to the internet to conduct more routine transactions. Chairman and chief executive officer Kenneth I. Chenault said: “Unemployment levels and housing remain a concern, but other aspects of the economy continue to show signs of improvement.“While we continue to retain the flexibility to scale back our investments as business conditions change, the progress we made during 2010 has put us in a strong competitive position for the next phase of the economic recovery.” American Express, which lends directly to consumers but also competes with Visa and MasterCard to process credit card transactions, has recovered from the financial crisis more fully than many other consumer lenders. Show Comments ▼ KCS-content Tags: NULLlast_img read more