American Express has reported a net income of $1.4bn for the fourth quarter ended 31 December 2014, an increase of 11% compared to $1.3bn for the same period previous year.
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The company has posted consolidated total revenues net of interest expense of $9.1bn for the fourth quarter of 2014, a 7% increase compared to $8.5bn in the last fiscal year.
U.S. Card Services has reported fourth quarter net income of $665m, down 23% from $864m a year ago. Total revenues net of interest expense increased 5% to $4.6bn from $4.4bn a year ago.
International Card Services has reported fourth quarter net income of $33m, down 68% from $103m a year ago. Total revenues net of interest expense decreased 5% to $1.4bn.
American Express chairman and CEO Kenneth Chenault said: "Fourth-quarter Card Member spending rose 6%. Volumes for the year crossed the trillion dollar mark for the first time, reflecting the progress we’ve made in building customer loyalty, adding new cards and expanding the network of merchants who accept our products."
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By GlobalData
