American Express has reported financial results for the first quarter 2011. Net income was $1.2 billion, up 33% from $885 million a year ago.

“Record earnings this quarter reflect credit quality and billed business trends that are among the best we’ve seen,” said Kenneth I. Chenault, chairman and chief executive officer, American Express. “Cardmember spending was up 17 percent, with broad-based strength across all our businesses segments. After several years of decline, our lending portfolio leveled off and total revenues grew at the healthiest pace since before the recession.

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