American Express profit triples

NEW YORK Thu Jul 22, 2010 4:35pm EDT

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NEW YORK (Reuters) - American Express Co (AXP.N) on Thursday reported second-quarter earnings that tripled from a year earlier, as its customers resumed spending and fell less behind on paying their bills.

The credit card lender and payment network reported net income of $1.02 billion, or 84 cents per share, compared to a year-earlier profit of $337 million, or 9 cents per share.

Analysts had expected the company to report a profit of 78 cents per share, according to estimates from Thomson Reuters I/B/E/S.

The year-ago results include a per-share reduction of 18 cents from a repurchase of preferred shares from the U.S. government.

Shares of the company closed up 5 percent at $43.19 on the New York Stock Exchange during the regular session but fell to $42.40 in extended trade.

(Reporting by Maria Aspan, editing by Bernard Orr)

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