News Summary: American Express profit rose in 3Q
News Summary: Stronger consumer spending, lower costs help boost American Express' 3Q profit
THE RESULTS: American Express' net income rose 1 percent in the third quarter to $1.25 billion, or $1.09 per share. That compares with net income of $1.24 billion, or $1.03 per share, in the same quarter last year. Revenue grew 4 percent to $7.86 billion from $7.57 billion a year earlier.
HIGHER SPENDING: Spending by the company's cardholders rose 8 percent in the U.S. during the July-to-September quarter versus a year earlier. It increased 6 percent globally. And cardholder loans rose 6 percent from a year earlier.
BAD LOANS: American Express' delinquency rate was flat compared to the second quarter.
