(21 April 2016 – Global) American Express (AmEx) has announced an increase in quarterly revenue for the first time in five quarters.
The uplift has been assisted by a boost in spending from US card holders, its largest market. The payment service company's total revenue rose 1.7 percent to US$8.09 billion (A$10.3 billion) in the first quarter ended March 31.
Total costs rose about 5 percent to US$5.47 billion, largely due to a 19 percent rise in marketing and promotion expenses during the quarter.
“We continued to make very good progress on expanding our merchant network in the United States and internationally,” said Chief Executive Kenneth Chenault.