AmEx profit triples as spending rises

The results exceeded Wall Street8217;s expectations. American Express earned 1.02 billion in the April-through-June quarter,or 84 cents per share,up from 337 million,or 9 cents per share,a year earlier.

Revenue was 6.9 billion,up 13 percent from 6.1 billion. Analysts surveyed by Thomson Reuters were expecting earnings of 78 cents per share on sales of 6.8 billion.

American Express,which typically caters to a more affluent clientele,said card members8217; spending climbed 16 percent. The largest increases came from corporate cards,cards issued by its bank partners and premium co-brand cards that people tend to pay off in full every month.

Chairman and CEO Kenneth Chenault noted that despite the uneven economic environment,the company8217;s net income and billed business are back at or near where they were before the recession.

For the first six months of the year,American Express reported net income of 1.9 billion,or 1.57 a share,up from 774 million,or 40 cents a share,a year earlier. Revenue was 13.5 billion,up 12 percent from 12 billion.

Amex shares fell 54 cents to 42.65 in extended-hours trading as investors took profits after pushing the price up 2.04,or 5 percent,during the regular session in anticipation of a strong report.