American Express Releases Third Quarter 2012 Financial Results

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

“We generated solid results this quarter against the backdrop of a very uneven global economy,” said Kenneth I. Chenault, chairman and chief executive officer. “Cardmember spending rose 8% in the U.S. from a year ago and 6% globally (8% fx-adjusted). That’s a healthy pace in the current environment and an improvement from earlier in the quarter. Nonetheless, it represents slower growth than we were generating earlier in the year, a trend that we’re seeing among major card issuers."