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EARNINGS-American Express reports 40% slump in quarterly profit

Credit: REUTERS/LUCY NICHOLSON

Credit card issuer American Express Co reported a nearly 40% slump in quarterly profit on Friday, hurt by lower spending by its users, while it also set aside $665 million for potential defaults.

Oct 22 (Reuters) - Credit card issuer American Express Co AXP.N reported a nearly 40% slump in quarterly profit on Friday, hurt by lower spending by its users, while it also set aside $665 million for potential defaults.

Net income fell to $1.07 billion, or $1.30 per share, for the third quarter ended Sept. 30, from $1.76 billion, or $2.08 per share, a year earlier.

(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)

((Niket.Nishant@thomsonreuters.com;))

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