The payment services specialist American Express published better than expected results for the first quarter of 2022 on Friday, benefiting from the increase in spending on travel and leisure thanks to the recovery of activity in many countries.
From January to March, the group’s turnover reached 11.7 billion dollars, a little above expectations.
Its net profit was $2.1 billion. Reported per share and excluding exceptional items, this represents 2.73 dollars, better than expected but slightly less than the same period last year.
‘Travel and leisure spending rose 121% at an adjusted exchange rate from a year ago and reached pre-pandemic levels globally for the first time in March on the strength persistent in travel spending,” American Express CEO Stephen Squeri said in a statement.
The total volume of spending by conventional cardholders (in the United States and the rest of the world) was $350.3 billion, 30% more than in the first quarter of 2021.
The New York group expects to continue to benefit from the sustained pace of consumption. It stuck to its forecast of 18% to 20% growth in annual revenue and earnings per share of between $9.25 and $9.65.
American Express’ quarterly expenses rose by 34% in one year, reaching 9.1 billion dollars, an increase which is explained in particular by the increase in volumes to be processed.
On Wall Street, the group’s share fell 1.49% to 182.98 dollars in early trading.
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