APRIL 23, 2010 -- American Express more than doubled net income to $885 million in the first quarter from the same period last year, bolstered by growth in card volumes and what executives characterized as a pronounced rebound in corporate card spending. Though corporate travel revenues grew by 21 percent from the first quarter of 2009, that segment remained flat when compared with the previous quarter.
American Express global corporate travel sales hit $4.1 billion in the first three months of 2010, compared with $3.4 billion from the same period in 2009 and $4.1 billion in the fourth quarter of last year, the company reported. The numbers point to stabilization after the dramatic decline in travel that marked much of 2009, when for the full year corporate travel sales shrunk 30 percent compared with 2008 (BTNonline, Jan. 22).
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