American Express on Thursday announced a fourth-quarter net income of $637 million, down 47 percent from last year’s number of $1.2 billion.
But in a statement, CEO Kenneth I. Chenault said the company remains in good shape.
“With higher fourth quarter revenues and cardmember spending, we ended 2012 in strong shape,†said Chenault. “Against the backdrop of an uneven economy, we capitalized on opportunities and continued to stay ahead of the trends that are reshaping our industry.”
The statement said that net income included a new restructuring charge, rewards expense and cardmember reimbursements.
“We’ve made great progress in recent years, and we want to make sure we stay ahead of trends that present both enormous promise and complex challenges,” said Chenault. “New technologies are changing the way businesses operate, both online and in the physical world.”
“Since rebounding from the recession, we have gained share in a very competitive U.S. industry and enhanced the many benefits we provide cardmembers. We have improved our risk management capabilities, begun to tap additional revenue streams and deployed new technologies that let us serve a growing number of customers online and through their mobile phones.”
Find out more about the fourth-quarter earnings in the company’s report.