American Express reported an impressive 39% increase in profits for the second quarter, attributable to heightened cardmember spending and an increase in customers maintaining balances. The profit recorded was $3.02 billion, a significant rise from the $2.17 billion reported in the corresponding period last year. On a per-share basis, the company generated a profit of $4.15.
AmEx surpassed analyst expectations by earning $3.49 per share, excluding one-time gains, compared to the anticipated $3.24 per share. As a result of its strong performance, the company revised its full-year profit forecast to a range of $13.30 to $13.80 per share, an increase from the previous forecast of $12.65 to $13.15 per share.
