NEW YORK - American Express on Tuesday reported a 19-percent rise in first-quarter net income as spending on the company's branded credit cards rose among individuals, small business and corporate clients.
The financial services and travel giant reported first-quarter net income of 946 million dollars, or 76 cents a share, up from 794 million, or 62 cents a share, last year.
Earnings were 75 cents a share before an accounting change, in line with analyst forecasts.
Revenue climbed 10 percent to 7.57 billion dollars.
The company spent 22 million dollars to spin off American Express Financial Advisors and said the plan remains on track for the third quarter as a tax-free dividend to shareholders.
"We generated record earnings again this quarter, driven by strong growth in our card businesses," said chairman and chief executive Kenneth Chenault.
"Spending on American Express cards rose among consumers, small businesses and corporate clients. Business volumes from our bank partners were excellent and we signed new partners to our network, including the US wealth management group of UBS. We also continued to expand the global network where American Express cards are welcomed and strengthened long-term relationships with key merchants."
04/26/2005 19:13 GMT