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American Express reports 40% slump in quarterly profit

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

[NEW YORK] Credit card issuer American Express reported a nearly 40 per cent slump in quarterly profit on Friday, hurt by lower spending by its users, while it also set aside US$665 million for potential defaults.

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

REUTERS

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