American Express profit jumps 9%

By Dow Jones newswires

American Express' second quarter earnings rose 9 per cent, in part due to a gain on the sale of half of its corporate travel business, in a quarter that also saw higher spending by card members.

American Express said card member spending rose 9 per cent, with a growth rate that accelerated from earlier in the year, with higher volumes in all of the company's US and international businesses.

American Express, which both issues plastic cards and owns a card-processing network, said revenue, net of interest expense, rose 5 per cent to $US8. 66 billion ($9. 23bn) from $8. 25bn a year earlier.

In June, American Express sold half of its corporate travel business to an investor group including Certares and Qatar's sovereign wealth fund.

Read more here: Business Spectator

    

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