Summary Box: American Express 1Q profit up 33 pct

AP News
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Posted: Apr 20, 2011 6:06 PM
Summary Box: American Express 1Q profit up 33 pct

PROFIT LEAPS: American Express Co. first-quarter profit jumped 33 percent to $1.2 billion, or 97 cents per share.

MORE SPENDING: Card users spent $187.9 billion during the quarter, up 15 percent from a year ago.

FEWER DEFAULTS: Write-offs dropped to about $541 million during the quarter, about $500 million less than a year ago.

HIGHER EXPENSES: Expenses rose to $5.2 billion, up 19 percent from $4.36 billion last year. Amex said it expects that to drop in coming quarters.

BUYBACKS PLANNED: Amex said it will start share repurchases during the current quarter.