American Express has reported a net income of $2bn for the fourth quarter of 2018, compared to a net loss of $1.2bn in the year ago quarter.

Total revenues for the quarter ended 31 December 2018 were $10.4bn, an increase of 8% from $9.7bn in the fourth quarter of 2017.

The company attributed the rise in revenue to higher cardholder spending, loan volumes and card fees.

During the quarter, American Express’ expenses increased by 9% to $7.7bn.

American Express chairman and CEO Stephen Squeri said: “We continue to see very good returns on the investments we’ve been making to gain share and add scale.

“Card member spending rose an fx-adjusted 8%, lapping a strong year-ago quarter. This was the sixth consecutive quarter with revenue growth of at least 8%, and it was driven again by higher card member spending, loans and card fees.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Squeri noted that the company added 12 million new cards and expanded its merchant network in 2018.

American Express Q4 results showed that Global Consumer Services Group recorded a net income of $702m for the quarter, an increase of 13% year-on-year.

Net income at the Global Commercial Services unit surged 15% year-on-year to $624m from $542m last year.

Furthermore, the Global Merchant and Network Services division of the company posted a net income of $501m, up 9% compared to $459m a year earlier.