American Express profits jump 34%, helped by jump in new customers, higher spending

Credit card giant American Express posted a 34% jump in its first quarter profits on Friday, helped by more customers spending on its namesake cards as well as more customers keeping a balance on the cards. The New York-based company said it earned $2.4 billion in the first three months of the year, or $3.33 a share, up from $1.8 billion, or $2.40 a share, a year earlier. The results exceeded Wall Street’s expectations, who were looking for roughly $2.95 a share in profits for the quarter.