Credit card giant American Express (AXP.N), opens new tab raised its full-year profit forecast on Friday, as its wealthy customers persisted in splurging on travel, dining and entertainment.
The company also reported better-than-expected second-quarter profit, underscoring the benefit it has enjoyed by focusing on a premium customer base.
AmEx’s affluent cardholders have somewhat insulated it from weakness in the broader economy, even as rival lenders warn of tepid demand due to elevated borrowing costs.
Source: REUTER
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