Amex Sees Corp. Card Volume Rise From Q2, But Travel Steady

American Express' corporate travel sales made little gain in the third quarter from the year's first two, though corporate card spending continued quarter-over-quarter growth, the company disclosed yesterday as it announced a quarterly profit.

American Express reported $3.5 billion in corporate travel sales in the third quarter, a figure 31 percent lower than the $5.1 billion logged in the third quarter of 2008 but on par with the $3.4 billion and $3.6 billion figures reported in the first and second quarters of 2009, respectively.

Though American Express' 2009 business travel sales have remained largely flat through the first three quarters, chairman and CEO Kenneth Chenault said there are "indications that spending by corporate cardmembers is beginning to pick up."

American Express Global Commercial Services reported $27.9 billion in card volume for the third quarter, continuing a steady quarter-over-quarter climb from the $25.1 billion reported in the first quarter this year, though still well below the $32.3 billion logged in the third quarter of 2008.

The company yesterday reported a $640 million net income for the quarter, down from $815 million in the third quarter of 2008.