3 Big Developments From American Express' Latest Quarter
The American Express Company (NYSE: AXP) recently reported its third-quarter earnings, and at first glance, there seems to be a lot for current investors to like. The company's total revenue, net of interest expense, increased to $8.4 billion, good for a 9% increase year over year. Total loan growth grew an even more robust 14% over the prior year's third quarter. Net income, helped by a lower tax bracket, increased to $1.36 billion, a 19% increase year over year. To top it all off, American Express is still the best in the credit business, as evidenced by its enviable 1.8% net write-off rate.
The conference-call transcript from S&P Global Market Intelligence revealed several other important things going on with this credit card giant beneath the latest numbers. Three things in particular stand out -- one is undeniably good, and the others just bear watching in the quarters and years ahead.
In my view, then, here are the three most important highlights from American Express' latest quarter.
Source: Fool.com