AmEx benefits as spending picks up


New York -

American Express says its net income climbed 12 percent in the first quarter, helped by higher spending by its cardholders even as cold winter weather gripped much of the country.

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File picture: Brendan McDermid

The New York-based company said on Wednesday that its net income rose to $1.43 billion, or $1.33 per share, in the three months ending March 31. That compares with net income of $1.28 billion, or $1.15 per share, in the same period of 2013.

Revenue rose four percent to $8.2 billion from $7.88 billion the year before.

According to FactSet, analysts on average expected earnings of $1.30 per share on $8.35 billion in revenue in the latest quarter.

AmEx's stock is down 60 cents to $86.80 in after-hours trading following the release of the earnings report. - Sapa-AP

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