2023-04-20 12:22:53
MADRID, 20 Abr. (EUROPA PRESS) –
The credit card and payment solutions company American Express closed the first quarter of 2023 with an attributable net profit of 1,788 million dollars (1,631 million euros), which is equivalent to a decline of 13.6% compared to the result recorded. in the same period of the previous year, reported the financial firm.
Between January and March, American Express highlighted the growth of 14% in the volume of expenses processed in its network, up to 398,900 million dollars (364,014 million euros), driving net income to a new quarterly record of 14,281 million dollars (13,032 million euros), 21.7% more than a year earlier.
The company’s net interest income in the first quarter totaled 2,983 million dollars (2,722 million euros), 35.6% more, and income from commissions and other items other than interest income reached 11,298 million dollars ( 10,310 million euros), 18.5% more.
However, in the first three months of the year, American Express raised the provisions for credit default risk to 1,055 million dollars (963 million euros), when a year earlier it reduced this item by 33 million dollars (30 million euros). ).
In this sense, the company explained that the increase in consolidated provisions reflects higher net cancellations and a creation of net reserves of 320 million dollars (292 million euros), while in the previous year the provisions benefited significantly from the release of reserves.
“Our first quarter results reflect strong growth in card spending and continued high commitment to our premium products,” said Stephen J. Squeri, president and CEO of the firm, highlighting the good credit performance of AmEx customers. , in a context of lower macroeconomic growth, high inflation and higher interest rates, although it warned of mixed signals in the external environment.
In this way, the executive confirmed the guidance of last January for the whole of the year, when American Express expects revenue growth of 15% to 17% and earnings per share of between $11 and $11.40.
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