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The Independent UK
The Independent UK
Business
Ken Sweet

American Express reports a boost in profits driven by new customers and higher spending

American Express AMEX Economic Growth

Credit card giant American Express said its second-quarter profits rose 8% from a year earlier, fueled by higher spending by its card members, fewer delinquencies and more customers signing up for its premium products like the Platinum Card and Gold Card.

The New York-based company earned $3.11 billion, or $4.53 a share, compared to $2.89 billion, or $4.08 a share, in the same period a year earlier. The results beat analysts' forecasts, who were looking for AmEx to earn a profit of $4.40 a share, according to FactSet.

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