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AmEx profit falls 8.2 percent

American Express Co’s (AXP.N) quarterly profit fell 8.2 percent as the credit card issuer boosted spending on marketing and promotion to fend off rising competition.

Net income attributable to common shareholders fell to $825 million, or 88 cents per share, in the fourth quarter ended Dec. 31, from $899 million, or 89 cents per share, a year earlier.

Total revenue, net of interest expense, fell to $8.02 billion from $8.39 billion last year.

(Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)

Reuters