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AmEx: first-quarter profit falls 76% as spending drops

( - Credit card issuer American Express said on Friday that its quarterly profit fell by 76% as the deterioration in economic conditions due to the Covid-19 pandemic bit into its clients' spending volume.

The company said net income fell to 367 million dollars, or 41 cents per share, in the first quarter ended 31 March, from 1.55 billion dollars, or 1.80 dollar per share, a year ago.

First-quarter revenues net of interest expenses were 10.3 billion dollars, down 1% from 10.4 billion dollars a year ago.

Perhaps more importantly, AmEx said it had to book provisions for losses of 2.6 billion dollars over the past quarter, up from 809 million dollars a year ago, due to the deterioration of the macroeconomic outlook as a result of the corona outbreak.

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