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American Express' 3rd-qtr profit rises 9 percent

October 16. 2013 4:37PM
Associated Press

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(AP) American Express says its net income rose 9 percent in the third quarter, as cardholders spent more in the U.S. and elsewhere.

The New York-based company on Wednesday posted net income of $1.36 billion, or $1.25 per share, for the three months ended Sept. 30. That compares with net income of $1.25 billion, or $1.09 per share, in the same period last year.

Revenue increased about 6 percent to $8.3 billion, from about $7.86 billion.

Analysts polled by FactSet were expecting, on average, earnings of $1.22 per share on revenue of $8.23 billion.

Spending on American Express' global network jumped 7 percent during the quarter, reflecting gains in the U.S. and abroad. The credit card issuer's income from interest also increased.

Shares added 13 cents to $76.45 in after-market trading.

Associated Press

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