American Express reports 40per cent slump in quarterly profit

American Express reports 40per cent slump in quarterly profit

Credit card issuer American Express Co reported a nearly 40per cent slump in quarterly profit on Friday, hurt by lower spending by its users, while it also set aside US$665 million for potential defaults.

Pedestrians walk past an American Express sign in New York
FILE PHOTO: Pedestrians walk past an American Express sign in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

REUTERS: Credit card issuer American Express Co reported a nearly 40per cent slump in quarterly profit on Friday, hurt by lower spending by its users, while it also set aside US$665 million for potential defaults.

Net income fell to US$1.07 billion, or US$1.30 per share, for the third quarter ended Sept. 30, from US$1.76 billion, or US$2.08 per share, a year earlier.

(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)

Source: Reuters

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