(RTTNews) - Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter.
Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8 billion from $11.0 billion in the same quarter last year, primarily reflecting declines in Card Member spending and the average discount rate compared to the prior year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.33 per share on revenues of $8.66 billion for the quarter. Analysts' estimates typically exclude special items.
Consolidated provisions for credit losses were $665 million, down 24 percent from $879 million a year ago, primarily due to a modest reserve release and lower net write-offs.
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