American Express Reports Record Quarterly Earnings

Monday 25 October 2004 18:42 CET | News

American Express has reported record net income of $879 million for the third quarter, up 14 percent from $770 million a year ago. Diluted earnings per share (EPS) rose to $0.69, up 17 percent from $0.59 a year ago. The companys return on equity was 21.5 percent.

Revenues totaled $7.2 billion, up 12 percent from $6.4 billion a year ago. This growth reflects record spending on American Express cards, higher cardmember lending balances and increased travel sales. It also reflects increased revenue from higher client asset levels and stronger financial advisor sales. Consolidated expenses totaled $5.9 billion, up 11 percent from $5.4 billion a year ago. This increase reflects higher expenses for marketing, promotion, rewards and cardmember services, human resources and other operating expenses.

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Categories: Payments & Commerce | Payments General
Countries: World
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