American Express Co. (AXP) – Get Report posted stronger-than-expected second quarter earnings Friday thanks to a post-pandemic boom in consumer spending and the release of loan loss reserves.
American Express said diluted earnings for the three months ending in June were pegged at $2.80, a near ten-fold increase from the same period last year and firmly ahead of the Street consensus forecast of $1.66 per share. The bottom line was supported by a $606 million release of reserves that were previously set-aside to cover bad loans, American Express said.
