American Express Co warned of higher operating costs this year as the credit car...
AmEx has been ramping up its reward programs on its cards and striking partnership deals with a number of companies in a move to attract and retain customers. The company in 2018 renewed a partnership with Delta Air Lines Inc that rewards customers with air miles.
Total expenses rose 9.2% in the quarter ended June 30 from a year earlier, while total revenue rose 8.4% to $10.84 billion. AmEx said its loan portfolio increased 10% to $83.2 billion in the quarter, while loan loss provisions grew by about 7%. The company said it now expects provisions to rise 20% this year, down from its earlier forecast of mid-20% range.
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