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American Express profit up 70 percent

New York, Oct 22 (DPA) American Express reported a profit boost of 70 percent in its third quarter over the same period last year, saying well-heeled card holders were spending more and paying their bills more often on time.

Net income was $1.09 billion, up from $642 million. Revenues were up 17 percent as tight controls on corporate and private spending have relaxed.

American Express said Thursday card holders were only $373 million in payment arrears, one-third of the outstanding bills from a year ago.

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