American Express posts first-quarter profit dip of 6 pc
American Express says its profit fell 6 per cent in the first quarter as the credit card lender saw more US cardholders fail to make their payments.
By Agencies |
NEW YORK: American Express says its profit fell 6 per cent in the first quarter as the credit card lender saw more US cardholders fail to make their payments.
The company said on Thursday its profit totaled $991 million (euro628.45 million), or 85 cents a share, for the first three months of the year. That's down from a profit of $1.06 billion (euro0.67 billion), or 87 cents, in the same timeframe last year, but above the average analyst expectation.
Like other lenders, American Express Co is writing off more loans as unpaid as more borrowers struggle with rising costs, slumping home prices, and a less certain job market.
The company said on Thursday its profit totaled $991 million (euro628.45 million), or 85 cents a share, for the first three months of the year. That's down from a profit of $1.06 billion (euro0.67 billion), or 87 cents, in the same timeframe last year, but above the average analyst expectation.
Like other lenders, American Express Co is writing off more loans as unpaid as more borrowers struggle with rising costs, slumping home prices, and a less certain job market.
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