Despite a 13 percent increase in revenues, American Express is raising its provisions for credit losses.
Financial services firm American Express said spending with its credit cards was up from a year ago, as consumers shelled out on travel and entertainment. But the company also raised its provisions for credit losses, suggesting concern about potential failure to pay credit card bills.On Friday, the company reported total revenues of more than $15 billion, a 13 percent improvement from a year ago. This was driven by high loan volumes and increased card spending. U.S.
The results seemed to track with recent trends that show that consumers are still spending at a healthy clip, even as they grapple with an environment of high interest rates and elevated prices. In September, Americans spent billions on retail and food services, and many employers are still keeping people working, strengthening their ability to spend, government data showed earlier this week. And shoppers report that they are willing to fork out cash for gifts during the upcoming holidays.
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