American Express duplica el beneficio

American Express ha ganado 873 millones de dólares, es decir, 0,73 dólares por acción, frente a los 361 millones de dólares, 0,31 $ por acción, del mismo trimestre del año pasado.

Los ingresos subieron un 11% a 6.600 millones de dólares.

Se esperaba un beneficio de 0.63 dólares e ingresos por 6.338 millones de dólares.

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New York – April 22, 2010 – American Express Company (NYSE: AXP) today reported first-quarter net income of $885 million, up 103 percent from $437 million a year ago. Diluted per-share net income was $0.73, up 135 percent from $0.31.

Consolidated revenues net of interest expense were $6.6 billion, up 11 percent, compared to $5.9 billion in the year-ago period. The increase was the result of the consolidation of securitized cardmember loans and related debt onto the balance sheet in the first quarter3. Revenues also reflect higher cardmember spending, offset by a smaller loan portfolio and lower yields on both the securitized and non-securitized portions of the portfolio.
Consolidated provisions for losses totaled $943 million, down 48 percent compared to $1.8 billion in the year-ago period. The decline reflected continued improvement in credit quality on the overall portfolio3.
Consolidated expenses totaled $4.4 billion, up from $3.6 billion a year ago, reflecting higher investment in business building initiatives and higher rewards costs.
The company’s return on average equity (ROE) was 18.0 percent, up from 16.3 percent a year ago.
During the first quarter, non-U.S. revenue, provision and expenses comparisons were higher due to the translation effects of a comparatively weaker U.S. dollar.
“Cardmember spending was up 16 percent, rebounding strongly from the recessionary lows of last year,” said Kenneth I. Chenault, chairman and chief executive officer. “Credit metrics also continued the improvement that began in the second half of 2009.”
“The biggest turnarounds in spending came from corporate cardmembers and banks who issue cards on our network. Consumer and small business volumes also rose in part because of strength in travel, entertainment and other discretionary categories.
“Throughout the industry – and at American Express – we saw further signs that consumers are managing their post-recessionary finances more cautiously.