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American Express Q4 net income rises 12%

American Express has reported a net income of $1.19bn, or $1.01 per diluted share, for the fourth quarter of 2011, compared to $1.06bn, or $0.88 per diluted share, for the same period in 2010.

Total revenue, net of interest expense, was $7.74bn for the fourth quarter of 2011, up 7%, compared to $7.24bn for the same period a year ago.

US Card Services reported a net income of $727m, up 4%, compared to $700m in the year-ago period.

International Card Services reported a net income rose 54% to $152m, from $99m in the year-ago period.

American Express chairman and CEO Kenneth Chenault said that cardmembers spent a record amount on their American Express cards, continuing a trend that has translated into overall share gains during the last two years. Billed business rose 11 percent, showing broad-based improvements from the strong levels of a year ago.