Cardmember spending drives American Express second quarter profits soaring 39%

NEW YORK (AP) — American Express said second quarter profits jumped 39% as the credit card company benefitted again from a broad increase in cardmember spending as well as more of its customers carrying a balance.

Profit reached 3.02 billion, compared to $2.17 billion in the same period a year ago. On a per-share basis, AmEx earned a profit of $4.15 a share.

Excluding one-time gains, AmEx earned $3.49 a share, handedly beating analyst’s forecasts of $3.24 a share, according to FactSet.