(AOF) – The credit card issuer American Express gained 4.21% to $226.65 and thus took the lead in the Dow Jones index. The financial group revealed much better results than expected in the first quarter. Its profits were supported by strong demand from Millennials and Generation Z in the United States, who accounted for more than 60% of new account acquisitions globally. In the first quarter, net income jumped 34% to $2.44 billion, or $3.33 per share.
Earnings per share came in below consensus at $2.96. American Express recorded $1.269 billion in provisions for loan losses compared to $1.055 billion a year earlier.
Its revenues increased by 11% to $15.8 billion. This increase was mainly due to higher net interest income and increased cardholder spending.
This year, the company still expects earnings per share of between $12.65 and $13.15, compared with a consensus of $12.41. Revenues are expected to increase by 9% to 11%.
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