Credit card and payment solutions company American Express closed the third quarter of 2024 with attributable net profit of €2,278 million, equivalent to an advance of 2.3% compared to the result obtained at the same period of the previous year.
Total net interest income amounted to €15,319 million, up 8.2%, which includes an increase 16.4% net interest, up to 3,689 million euros. Revenues from items other than the interest margin reached 11,630 million euros, up 5.8%.
American Express, however, increased its provisions for credit default risk in the third quarter to 1,249 million euros, or 10% more.
Already in the first nine months accumulated, the company recorded a profit of 7,234 million euros, up 23.8% of the result recorded until September last year.
American Express’s turnover amounted to 34.315 million euros, up 5.9%, while provisions for credit risk increased. 11.7%, to 3,585 million euros.
“Based on our results to date […] we raise our forecasts earnings per share for the whole year at 12.66 and 12.94 euros compared to the previous 12.25 and 12.71 euros”, explained the president and CEO of American Express, Stephen Squeri, who described the quarterly performance as “solid”.
Furthermore, the manager has refined the revenue estimates for 2024 and now forecasts that these will increase by 9% in 2024, within the range of 9% to 11% already communicated.
