AmEx rises 2.2% after earnings beat

|By:, SA News Editor

Excluding the Costco-related business, adjusted revenue was higher by 7% Y/Y in Q1. Provisions of $573M up 32%. Expenses of $5.5B up 1% thanks to higher rewards costs. ROE of 25.1% up from 23.6%. The tax rate dipped to 32% from 35%.

Adjusted for Costco, cardmember spending rose 8% Y/Y, with loans up 11%.

Management is confident they will deliver on the $5.60-$5.80 full-year EPS outlook.

Earnings call at 5 ET

Previously: American Express beats by $0.06, beats on revenue (April 19)

AXP +2.2% after hours