American Express benefits from increase in credit card spending

UPMARKET credit card provider American Express last night reported a strong rise in quarterly profits as the company benefitted from increased consumer spending.

A well-heeled client base and a low rate of defaults helped the company make $1.37bn (£860m) for the three months to 30 September.

“Spending on our global network rose seven per cent,” said chairman and chief executive Kenneth Chenault.

“Despite an uncertain environment, we generated a healthy increase in revenues and stronger spending across all regions this quarter.”

Total revenue at the company, whose European headquarters are based in Brighton, rose six per cent to $8.3bn.