American Express and American Express corporate cards are pictured in Encinitas, California October 17, 2011. REUTERS/Mike Blake

American Express quarterly profit rises marginally
American Express quarterly profit rises marginally
Posted : Wednesday, 18 July 2012 04:22PM

(Reuters) - Credit card company American Express Co's <AXP.N> second-quarter profit rose marginally as cardmember spending growth moderated.

The company earned $1.34 billion, or $1.15 per share, compared with $1.33 billion, or $1.10 per share, a year earlier.

The number of outstanding shares fell 4 percent from a year earlier.

Total revenue, net of interest expense, was $7.96 billion, up 5 percent.

Spending on its cards grew at a slower pace as overall U.S. consumer confidence falls on a weak economic recovery.

"Overall cardmember spending rose 7 percent, or 9 percent adjusted for foreign currency translations. That's slower than the increases we've seen in the recent quarters," Chief Executive Officer Kenneth Chenault said in a statement. (Reporting by Jochelle Mendonca in Bangalore; Editing by Roshni Menon)

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