NEW YORK CITY (dpa-AFX) - Integrated payments company American Express Co.
(AXP) reported on Friday the net profit for the first quarter grew 35 percent
from last year, driven by revenue growth across all its operating segments,
partially offset by higher provisions for credit losses. Both earnings per share
quarterly revenues topped analysts' estimates. The company also reaffirmed its
earnings and revenue guidance for fiscal 2024.

In Friday's regular trading session, AXP is currently trading on the NYSE at
$225.89, up 8.39 or 3.86 percent.

'We have started 2024 off strong, with our first-quarter results reflecting the
positive trends we have seen in our business the last several years,' said
Stephen Squeri, Chairman and CEO.

For the first quarter, net income attributable to common shareholders increased
to $2.41 billion or $3.33 per share from $1.79 billion or $2.40 per share in the
prior-year quarter.

On average, 20 analysts polled by Thomson Reuters expected the company to report
earnings of $2.95 per share for the quarter. Analysts' estimates typically
exclude special items.

Consolidated total revenues, net of interest expense, grew 11 percent to $15.80
billion from $14.28 billion in the same quarter last year, primarily driven by
higher net interest income and increased Card Member spending. Analysts'
expected revenues of $15.79 billion for the quarter.

Net interest income increased 26 percent to $3.77 billion and non-interest
income was up 6 percent to $12.03 billion from last year.

Consolidated provisions for credit losses were $1.3 billion, compared with $1.1
million a year ago, reflecting higher net write-offs, partially offset by a
lower net reserve build.

U.S. Consumer Services revenues grew 14 percent to $7.50 billion, Commercial
Services revenues were up 8 percent to $3.79 billion, International Card
Services revenues increased 8 percent to $2.71 billion, and Global Merchant and
Network Services revenues improved 7 percent to $1.87 billion from last year.

Overall Card Member spending grew 7 percent on an FX-adjusted basis, with
spending by U.S. consumer Card Members up 8 percent from a year earlier and
spending in International Card Services segment increasing 13 percent on an
FX-adjusted basis.

Consolidated expenses were $11.4 billion, up 3 percent from $11.1 billion a year
ago, primarily reflecting higher customer engagement costs, driven by higher
Card Member spending, higher marketing investments and higher usage of
travel-related benefits.

Looking ahead to fiscal 2024, the company continues to project earnings in the
range of $12.65 to $13.15 per share on revenue growth of 9 to 11 percent, based
on its performance to date.

The Street is currently looking for earnings of $12.84 per share on revenues
growth of 9.5 percent to $66.25 billion for the year.

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