for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

American Express reports 40% slump in quarterly profit

Oct 22 (Reuters) - 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.

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

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up