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AMEX reports 15% growth in EPS

Oct. 16, 2013 4:24 PM ETAmerican Express Company (AXP) StockAXPBy: Stephen Alpher, SA News Editor
  • Total cardmember spending rose 7% Y/Y (9% after currency translations).
  • U.S. Card Services net income of $782M up 12% Y/Y, with 8% increase in cardmember spending and a rise in interest income thanks to 4% growth in card loans. Provisions for lesses of $331M off 2%. Expenses of $2.7B up 4%, reflecting higher rewards and marketing costs.
  • International Card Services net income of $142M is off 13% Y/Y, with revenues higher by 8% adjusted for currency translations. Drop in income comes from a 36% increase in loss provisions to $113M.
  • Global Commercial Services net income of $261M up 43%, on 6% higher revenues.
  • Global Network & Merchant Services net income of $391M up 9% on 7% higher revenues, adjusted for currency translations.
  • AXP +0.3% AH.
  • Conference call at 5 ET.
  • Q3 results, press release.

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