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Compared with the same period last year, revenue rose 13 percent to almost $15.4 billion (€14.6 billion), Visa and Mastercard announced on Friday. Quarterly profits rose 30 percent to almost $2.5 billion. Revenues and profits exceeded experts’ average expectations.
The company made a fifth more profit from card fees alone than in the same period last year. American Express recently tightened its fees significantly. However, transaction volume increased by only seven percent to $420 billion, falling short of expectations. Additionally, American Express has set aside $1.2 billion for possible loan defaults, up 58 percent from the previous year.
American Express, unlike its biggest rivals Visa and Mastercard, not only processes card payments but also issues actual loans. Therefore, the company needs to protect itself against payment defaults.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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