American Express: Q2 results beat consensus
(CercleFinance.com) - American Express has reported a sharp rise in quarterly profit on Friday as the US credit card issuer greatly benefited from improving economic conditions in the US.
The New York-based group reported Q2 net income of 2.3 billion dollars, or 2.80 dollars a share, compared with just 257 million dollars (29 cents a share) a year ago, at a time when customer spending was hit by the lockdown.
Total revenue rose 33% to above 10.2 billion dollars over the period.
Meanwhile, the consensus was looking for EPS of 1.58 dollar for sales of 9.5 billion dollars.
In a statement, AmEx said it had released 866 million dollars in credit reserves that had been held in its accounts in light of the improved economic outlook.
American Express shares were up 3.4% in pre-market trading on Friday.
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