January 24, 2020 / 12:08 PM / 23 days ago

AmEx quarterly profit falls 16% on higher rewards program spending

Jan 24 (Reuters) - Credit card issuer American Express Co posted a 16% fall in fourth-quarter profit on Friday, as it spent more on its rewards program.

The company's net income fell to $1.69 billion, or $2.03 per share, in the quarter ended Dec. 31, from $2.01 billion, or $2.32 per share, a year earlier. (reut.rs/2TSAZKQ)

Total revenue, excluding interest expense, rose to $11.37 billion from $10.47 billion. (Reporting by Bharath Manjesh in Bengaluru; Editing by Shounak Dasgupta)

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