(Boursier.com) — American Express unveiled this Friday quarterly accounts higher than expectations, helped by the resilience of spending by the wealthiest customers. AmEx therefore resisted inflation well with its high-end clientele, even posting its sixth consecutive quarter of record revenues, with turnover increasing by 13% to $15.4 billion – in line with expectations Steps. The group announced a profit of $2.45 billion, or $3.30 per share, compared to $1.88 billion a year earlier. The consensus was at $2.94. AmEx increased its provisions for credit losses to $1.23 billion, 58% more than last year. Management today cites robust travel and entertainment spending, and dynamic restaurant spending.
“Based on our performance to date, we remain confident in our ability to deliver revenue and earnings per share growth for the full year, in line with the annual guidance we provided at the outset. “We believe we are well positioned as we seek to realize our long-term growth aspirations in 2024 and beyond in a stable macroeconomic environment,” management said.
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