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. Last Updated: 07/27/2016

AmEx Profits Soar

NEW YORK -- Financial services company American Express Co. said Monday its first-quarter profits rose 14 percent to a record high, topping forecasts, as the long-running U.S. economic boom encouraged credit card use.

The New York-based company earned $656 million, or $1.44 per diluted share, in the quarter, up from $575 million, or $1.26 a share, in the year-earlier period. Revenues rose to $5.3 billion from $4.5 billion.

The number of cards in circulation rose 12 percent to 47.9 million, while cardholders racked up $68.3 billion in charges in the quarter, up 20 percent, the company said.