Amex Growth Engine Remains Intact Amid Strong First-Half Performance

At the Barclays 24th Annual Global Financial Services Conference, American Express (American Express) reaffirmed its growth plan, citing a strong first-half performance. First-half revenue rose by 10% on an FX-adjusted basis, while earnings per share (EPS) grew in the mid-teens.

The company also raised its full-year revenue guidance to about 10%, keeping its EPS outlook unchanged. Card fees have been a significant contributor to growth, increasing 16% year-to-date and expected to accelerate further in the second half.

American Express is continuing to invest in customer acquisition and technology, with eight new product refreshes or capabilities announced this year. The company's commercial business is also getting more attention, although management expects a turnaround to take time.