American Express Profit Rises 71%

American Express Co.'s third-quarter profits soared 71% as customers increased their spending by 14%, and receding losses from souring card loans allowed the company to squirrel away less for a rainy day.

AmEx's results offer an insight into the rising optimism of its borrowers—mostly well-heeled consumers and companies—as the economy stabilizes despite stubbornly high unemployment. The company's performance also cements the turnaround in the credit-card industry.

Like many banks that reported earnings recently, American Express is benefiting from fewer losses on bad loans, but struggling with weak demand for new loans that would lift revenue.

Read Full Article from Wall Street Journal

- Posted: 2010-10-21 23:33:53

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