AmEx first-quarter profit falls five percent
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FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company American Express (AXP) is seen in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson
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Lucy Nicholson(Reuters)
(Reuters) – Credit card issuer American Express Co said on Thursday its quarterly profit fell 5 percent, as it spent more on its rewards program.
The company said net income fell to $1.55 billion (£1.19 billion), or $1.80 per share, in the first quarter ended March 31, from $1.63 billion, or $1.86 per share, a year earlier. (https://reut.rs/2VQDifq)
Total revenue, excluding interest expense, rose 7 percent to $10.36 billion.
(Reporting by Bharath Manjesh in Bengaluru; Editing by Shinjini Ganguli)
