28 April 2005
American Express (Amex) has reported a 19 per cent profit rise for the first quarter of 2005 brought about by a considerable rise in consumer credit card spending.
The results posted, which are expected to be mirrored by other credit card suppliers in the coming few weeks, saw net profits of £497 million between January and March.
This represents an increase of approximately £80 million compared to last year's same quarter results for Amex.
Amex chief executive and chairman Kenneth Chenault confirmed: "We generated record earnings again this quarter, driven by strong growth in our credit card businesses."
Mr Chenault added that he expects the credit card industry as a whole to continue thriving for the remainder of the year.
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