American Express reports financial results

American Express has reported its financial results for the first quarter of 2008 with net income from continuing operations down 11% compared to the same quarter last year while revenues net of interest expense were up 11%.

Cardmember spending worldwide increased 14% to $166.4 billion (3% of that increase was due to the weak dollar) while the number of cards issued by bank partners increased 33%. Discount revenue from merchants grew 11% with average merchant discount holding steady at 2.57%. The total number of American Express cards in force worldwide grew 10% to 88 million. Worldwide lending balances on a managed basis grew 19% to $75.2 billion.