American Express (AXP) reported better net income than expected and lifted its full-year profit outlook in its third-quarter results Friday morning, following a string of strong reports from several of the country's biggest banks.
The credit card and financial services provider reported $16.64 billion in revenue, up from last year's $15.38 billion and just under the $16.67 billion consensus estimate of analysts compiled by Visible Alpha. Net interest income (NII) came in at $4.01 billion, up from $3.44 billion a year ago and above the $3.92 billion expectation.
Profit rose to $2.51 billion, or $3.49 per share, up from $2.45 billion and $3.30, respectively. Analysts had expected $2.38 billion and an identical $3.30-per-share result as last year. The company also lifted its full-year profit outlook, now projecting earnings per share (EPS) of $13.75 to $14.05, up from $13.30 to $13.80 previously.
Shares of American Express were down nearly 2% after the report was released to $280.76. They are up about 50% since the start of the year.
The report from American Express comes after a number of big banks posted better-than-expected earnings over the last week, but also increased their provisions for credit losses (PCLs), as data has shown Americans falling behind on debt like credit cards and car loans.
The card provider also lifted its PCL to $1.36 billion, just above the $1.34 billion analysts had expected.
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