First quarter earnings of American Express fall 5%

(Reuters) – American Express Co, a credit card issuer, announced Thursday that its quarterly profit had dropped 5 percent, thanks to increased spending on its rewards program.

The company said its net income fell to $ 1.55 billion, or $ 1.80 per share, in the first quarter ended March 31, from $ 1.63 billion, or $ 1.86 per share. action, a year ago. (Reut.rs/2VQDifq)

Total revenues, excluding interest expense, increased 7% to $ 10.36 billion.