American Express's Profit Rises 16% on Credit Cards

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00001663-american-expresss-profit-rises-16-on-cred/

By Steve Gelsi, MarketWatch

American Express Co. on Monday reported a 16% jump in second-quarter profit as revenue climbed to $8 billion amid record spending by its card members, an increased number of credit-card customers, and higher member lending balances and levels of invested assets.

Shares of the Dow Jones Industrial Average component fell a penny and ended the day at $54.56.

The company said its profit rose to $1 billion, or 81 cents a share, up from $876 million, or 68 cents, earned in last year’s second quarter.

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