American Express Releases Second Quarter 2012 Financial Results

American Express has reported financial results for the second quarter 2012, including net income of $1.3 billion, up 1% from a year ago.

“Consumer, small business and corporate cardmember spending, along with the business volumes generated by our network of bank partners, remained healthy despite a very uneven economy,” said Kenneth I. Chenault, chairman and chief executive officer. "Overall cardmember spending rose 7%, or 9% adjusted for foreign currency translations. That’s slower than the increases we’ve seen in the recent quarters, but it comes on top of a very strong performance a year ago, and continues to grow faster than most of our large issuer competitors.