The card company American Express reported on Thursday a 70 percent increase in profit for the third quarter compared to the same period last year, clarifying that wealthy cardholders spent more and paid their bills on time more frequently.
Net income amounted to $1.09 billion, compared to $642 million. Revenues rose by 17 percent after štrict corporate and private spending restraints eased. American Express stated that cardholders had only $373 million in unpaid bills, šwhich is just a third of their value from a year ago. (H)
