American Express has reported financial results for the fourth quarter 2011. Net income of $1.2 billion, up 12 percent from $1.1 billion in the year-ago period. Kenneth I. Chenault, chairman and chief executive officer, American Express commented:
“Cardmembers spent a record amount on their American Express cards, continuing a trend that has translated into overall share gains during the last two years. Billed business rose 11%, showing broad-based improvements from the strong levels of a year ago. Online spending was strong as we capitalized on the accelerating popularity of digital commerce. Revolving credit balances grew, but at a much slower rate than spending as Cardmembers continued to manage their debt and household finances more cautiously. Credit quality remained excellent, with past-due loans and write-offs at historically low levels.