(AOF) – Credit card issuer American Express revealed profits higher than expectations and reaffirmed its annual objectives. In the third quarter, the company reported net income up 30% to $2.45 billion, or $3.30 per share. Earnings per share came in above consensus at $2.94. Its revenues increased 13% to $15.38 billion while Wall Street expected $15.33 billion.
American Express posted a cost of risk of $1.23 billion, up sharply from the previous year: $778 million. Wall Street was targeting $1.18 billion.
“We recorded another quarter of record revenues and earnings per share,” said CEO Stephen J. Squeri.
This year, the company still expects earnings per share of $11 and $11.40, compared to a consensus of $11.04. Revenues are expected to increase by 15% to 17%.
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