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American Express Releases First Quarter 2012 Financial Results

Amex logo 140pxAmerican Express has reported financial results for the first quarter 2012, including first quarter net income of $1.3 billion, up 7% from $1.2 billion a year ago.. Kenneth I. Chenault, chairman and chief executive officer, American Express commented:

“Higher cardmember spending, excellent credit metrics and disciplined expense management helped us to start 2012 with record first-quarter earnings and revenues,” said Kenneth I. Chenault, chairman and chief executive officer. “Spending on the American Express network rose 12 percent, remaining strong throughout the quarter, both in the U.S. and internationally. Credit quality continues to be among the best we have ever experienced, and our lending portfolio continued to grow at moderate levels.

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