New York, Oct 28: American Express Co. said on Monday quarterly earnings rose 12 per cent, helped by growth in charge-card spending as the company pushes consumers to expand their use of American Express cards beyond travel and entertainment purchases. American Express, best known for its charge cards and travelers checks, reported third-quarter net earnings of $770 million, or 59 cents per share, compared with net earnings of $687 million, or 52 cents per share, a year earlier.

"It was a solid quarter, largely in line with expectations," said Michael Cohen, an analyst with CIBC World Markets, who does not own shares of the company.
Chairman and CEO Kenneth Chenault said American Express' results benefited from an acceleration of revenue growth and outstanding credit quality. In a statement, he said the company expects 2003 earnings per share before accounting changes to be at the high end of its previous target of $2.26 to $2.29. Bureau Report