American Express profits fall slightly, but spending jumps

By KEN SWEET
AP Business Writer

NEW YORK (AP) — American Express’ first-quarter profits fell roughly 6% from a year earlier, but the company saw a 30% jump in spending on its namesake cards in the quarter as its cardmembers returned to their habits of shopping, traveling and dining. The New York-based company posted a profit of $2.1 billion, or $2.73 a share, down from $2.24 billion, or $2.74 a share, a year earlier. Last year’s results had a one-time boost to AmEx’s results, as the company released some reserves that it had set aside to cover potential losses earlier in the pandemic.