AmEx posts higher first-quarter profit as spending by its cardholders picks up
April 18, 2014, 12:31 am TWN
NEW YORK--American Express said Wednesday its net income climbed in the first quarter, helped by higher spending by its cardholders even as cold winter weather gripped much of the country.
The New York-based company said its cardholders spent 6 percent more in the first three months of the year, driving up revenue for both its U.S. and international card businesses.
“While consumers remain cautious about taking on additional debt, we continued to see a modest increase in card member loan balances,” AmEx chief executive Kenneth Chenault said.