American Express has reported first quarter income of $876 million, an 18% increase from $745 million a year ago.
<p>Overall profits for the first quarter totaled $873 million, down 8%, due to the loss of income from Ameriprise Financial, which was spun off in September 2005.<br /><br />Consolidated revenues rose 12% to $6.3 billion, up from $5.6 billion a year ago. While earnings per share on a diluted basis decreased to $0.69, down 8% from $0.75.<br /><br />The company said that average spending per card member had continued to rise, a factor attributed to its client base of affluent consumers, small businesses and mid-sized corporations. <br /><br />American Express also outlined its intention to strengthen its global merchant network, which it likened to a virtual marketplace. The aim, it stated, was to keep building business for its partners by driving high-spending card members to the point of sale and rewarding them with customized offers, experiences and special access to popular events.<br /></p>