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American Express Third Quarter EPS Up 6% To $1.09; Revenues Rise, Expenses Decline

American Express Company (NYSE: AXP) today reported third-quarter net income of $1.3 billion, up 1 percent from a year ago. Diluted earnings per share was $1.09, up 6 percent from $1.03 a year ago.

(Millions, except percentages and per share amounts)
               

Quarters Ended

September 30,

Percentage

Inc/(Dec)

Nine Months Ended

September 30,

Percentage

Inc/(Dec)

2012
   

2011

2012
   

2011
Total Revenues Net of Interest Expense $ 7,862 $ 7,571 4 % $ 23,441 $ 22,220 5 %
Income From Continuing Operations $ 1,250 $ 1,235 1 % $ 3,845 $ 3,707 4 %

Income From Discontinued Operations, net of tax 1
- - - - $ 36 #
Net Income $ 1,250 $ 1,235 1 % $ 3,845 $ 3,743 3 %
Earnings Per Common Share – Diluted:

 

Income From Continuing Operations Attributable to Common Shareholders 2
$ 1.09 $ 1.03 6 % $ 3.31 $ 3.08 7 %
Income From Discontinued Operations 1 - - - - $ 0.03 #
Net Income Attributable to Common Shareholders 2 $ 1.09

$

1.03
6 % $ 3.31 $ 3.11 6 %
Average Diluted Common Shares Outstanding 1,132 1,181 (4 )% 1,149 1,191 (4 )%
Return on Average Equity 26.3 % 27.8 % 26.3 % 27.8 %
 

# Denotes a variance of more than 100 percent
 

Consolidated total revenues net of interest expense rose 4 percent to $7.9 billion in the third quarter, from $7.6 billion a year ago. The increase was driven by a rise in cardmember spending and higher net interest income that reflected growth in the cardmember loan portfolio.

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