AmEx revenue disappoints

AMERICAN Express said last night that its first quarter profit rose, boosted by an increase in customer card spending.

The credit card firm posted a profit of $1.28bn (£800m), or $1.15 a share, up from $1.26bn, or $1.07 a share, a year earlier.

Revenue, net of interest, rose 3.9 per cent to $7.88bn, but was $100m shy of average forecasts disappointing investors.

Shares, which have risen 12 per cent since the start of the year, fell one per cent in after-hours trading.