(Boursier.com) — American Express had a very good start to the financial year, with the credit card giant continuing to benefit from its high-end positioning. The New York-based group reported a net profit per share of $3.33 for the quarter ended at the end of March, against a consensus of $2.96, for revenues up 11% to 15.8 billion. of dollars. Billed activity, which represents the value of transactions on AmEx cards and other payment products, increased 6% to $367 billion. “We continue to attract high-spending, high-credit quality customers to the franchise,” says CEO Stephen Squeri. AmEx took $1.3 billion in provisions for the first quarter, up from $1.1 billion a year earlier. A figure in line with analysts’ expectations.
For the full year, the company maintained its expectations of growth between 9 and 11 percent and its EPS forecast of $12.65 to $13.15.
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