American Express Co., the third- largest U.S. credit-card network, said second-quarter profit climbed 12 percent as customer spending and merchant fees increased.
Net income rose to $1.06 billion, or 88 cents a share, from $945 million, or 76 cents, a year earlier, the New York-based company said today in a statement. The average estimate in a survey of 17 analysts by Bloomberg was 86 cents. Revenue advanced 9 percent to $7.13 billion, matching analysts’ estimates.
American Express cardholders spent 15 percent more in the quarter as card use increased. Profit also got a boost from fees that merchants pay on each purchase, with American Express charging more than Visa International, MasterCard Inc. and Discover Financial Services, according to KBW Inc. analyst Sanjay Sakhrani. (MORE)
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