Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
24 April, 2024 15:45 IST
American Express Q2 earnings beat forecasts
Source: IRIS | 30 Jul, 2014, 02.27PM
Rating: NAN / 5 stars.
Comments  |  Post Comment

American Express Company (AXP), a provider of charge and credit payment card products and travel-related services, has disclosed an 8.83 percent rise in earnings for the quarter ended Jun. 30, 2014.

The company earned $1,529 million or a $1.43 a share in the second quarter compared with $1,405 million or null $1.27 a share, a year ago. Analysts on average had predicted net income of $1.38 a share.

Revenue during the second-quarter climbed 5 percent to $8657 million from $8245 million in the last year period.

Net interest income for the quarter rose 9.48 percent over the prior year period to $1316 million.

Non-interest income for the quarter rose 4.23 percent over the last year period to $7,341 million.

American Express has made provision of $489 million for loan losses during the quarter, which was lower by 5.60 percent from $518 million in the same period last year.

''The strong underlying performance this quarter reflected a continuation of some familiar themes: higher Card Member spending, credit metrics at or near their historic lows, a modest increase in loan balances, continued success in containing operating expenses and a substantial return of capital to our investors through share repurchases,'' said Kenneth I Chenault, chairman and chief executive officer.

Shares of the company declined 15 cents or 0.16 percent to close at $91.71 on Tuesday.

 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer