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American Express Profit Rises 12%

October 28, 2003|From Bloomberg News

American Express Co. said third-quarter profit rose 12% as consumers spent more on credit cards.

Net income was a record $770 million, or 59 cents a share, compared with $687 million, or 52 cents, a year ago. Revenue rose 9% to $6.42 billion.

Chief Executive Kenneth Chenault's focus on credit cards is paying off as cardholder spending rose 15% and the number of cards rose 4.7% to 46.6 million.

Shares of New York-based American Express fell 87 cents to $46.75 on the NYSE.

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