Best Growth Stock – The lender American Express today announced that in the first nine months of $ 3.743 million won, 25% more than the same period in 2010, which he attributed to increased spending their credit card customers.
American Express registered until September 30 net profit of $ 3.08 per share, 61 cents more than the $ 2.47 it earned in the first three quarters of the previous fiscal year, when he won 2.995 million dollars.
The U.S. company based in New York billed in the first nine months of the year 22,220 million, up 9% from the 20.338 million who entered the same period in 2010.
American Express attributed the results to increased spending by credit card holders, reducing supplies to cope with possible defaults and spending restraint in its operations.
“The revenue growth reflects a continued return on investment we are making to expand the services we provide to customers, small businesses, shops and large businesses,” he said in presenting the accounts the president and CEO of the firm, Kenneth Chenault .
In particular, Chenault noted the strong 16% increase in spending of credit card users, but recalled that “in an uncertain economic outlook,” the company wants to maintain “a strong profile with the risk and expenses carefully manage “.
Regarding the results for the third quarter, which were fixed more U.S. analysts today, American Express earned 1,235 million dollars, up 13% compared with 1.093 million (about 794 million ) benefits for the same period last year.
Net income per share of the company in those three months was $ 1.03, 13 cents from 90 cents a share that occurred between June and September 2010.
American Express entered the third quarter of $ 7.571 million, an increase of 9% compared to 6.973 million to revenues in the same period the previous fiscal year.
Its international service for credit cards earned $ 221 million in the third quarter, 53% on the same date in 2010 ($ 144 million), while in the U.S. market profit was $ 733 million, 23% more than the previous year (595 million dollars).
The results of the firm, one of the thirty components of the Dow Jones industrial were reported after the close of the New York Stock Exchange, finishing with a drop of 1.18%, and in electronic trading after the end of the Sign losses widened to 1.47%.
So far this year, American Express has appreciated 7.48% in New York trading floor and the last twelve months its stock has appreciated 17.36%.
Category: Business News