American Express first-quarter profit falls 5 percent

American Express first-quarter profit falls 5 percent

FILE PHOTO: An American Express credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration

(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, or $1.80 per share, in the first quarter ended March 31, from $1.63 billion, or $1.86 per share, a year earlier. (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

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