American Express Reports 39% Profit Surge Despite Revenue Miss

Increased cardmember spending and higher loan balances drive strong earnings, while net interest income declines.

Second-quarter profit reached $3.02 billion, up from $2.17 billion a year ago.
Earnings per share were $4.15, boosted by the sale of Accertify.
Revenue was $16.33 billion, falling short of the $16.56 billion expected by analysts.
Net interest income dropped to $3.73 billion from $3.77 billion in the previous quarter.
American Express raised its full-year profit forecast to between $13.30 and $13.80 per share.