Credit card giant American Express posted a 34% jump in its first quarter profits on Friday, helped by more customers spending on its namesake cards as well as more customers keeping a balance on the cards
FILE - An American Express logo is attached to a door in Boston's Seaport District, Wednesday, July 21, 2021. American Express reports their earnings posted a 34% jump in its first quarter profits on Friday, helped by more customers spending on its namesake cards as well as more customers keeping a balance on the cards.
The jump in profits for AmEx came largely from higher cardmember spending on their accounts as well as more balances collecting interest. The company had $15.8 billion in revenue in the quarter, up 11% from a year earlier. But AmEx is now also bringing hefty amounts of interest income, earned on customers who keep a balance and revolve on their accounts now. The company earned $5.06 billion in interest income last quarter on loans to cardmembers, up 28% from a year earlier. Roughly a third of AmEx's revenue now comes from interest income.
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American Express profits jump 34%, helped by jump in new customers, higher spendingCredit card giant American Express posted a 34% jump in its first quarter profits on Friday, helped by more customers spending on its namesake cards as well as more customers keeping a balance on the cards. The New York-based company said it earned $2.4 billion in the first three months of the year, or $3.33 a share, up from $1.8 billion, or $2.
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