American Express profits rise 17% by September to 8.741 billion euros

American Express reported a 17% increase in profits for the first nine months of the year, reaching $9.794 billion. The third quarter alone saw profits rise by 28% to $3.712 billion, driven by higher spending on cards and increased fees. The company successfully updated its Platinum card, raising the annual fee from $695 to $895, with most customers opting to keep the card despite the price hike. Net revenue from card fees surged by over $400 million compared to last year, while average customer spending rose by about 5%. The CFO noted that inflation may have contributed to this increase.