American Express Reports Growth
American Express has published its fourth quarter financial results - reporting a growth of 16% in its worldwide billed business, a 10% increase in total cards issued worldwide, and a 7% increase in average spending per card.
"Our strong revenue and earnings this quarter were driven by record cardmember spending during the holiday shopping season and continued growth in our loan portfolio," said Kenneth I. Chenault, chairman and chief executive."Overall credit quality was excellent and key indicators improved from a year ago when we saw a spike in bankruptcy related write-offs.
"We continued a multi-year program of aggressive business building initiatives that helped us add 1.5 million cards during the quarter and deliver broad-based revenue growth that was again at the top of the industry."
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