American Express profits rise 17% by September to $8.7 billion

American Express reported a 17% increase in profits for the first nine months of the year, totaling $9.794 billion. In the third quarter alone, profits reached $3.712 billion, a 28% rise compared to the previous year. The growth is attributed to higher customer spending and increased fees for premium cards. The company successfully updated its Platinum card, raising the annual fee while retaining most customers. Average spending per customer rose by about 5% year-on-year, with some increases linked to inflation.