Net fall for year now 42%
American Express reported a 21% drop in net income for the third quarter from $815m last year to $640m this year.
The company said that for the quarter to the end of September, income from continuing operations was $642m - a 25% fall compared with the $861m figure for 2008.
For the nine months of this year, Amex has seen its net income fall 42% to $1,414m, compared with $2,459m in the same period of 2008.
The results included a $180m non-recurring benefit connected to an investment in an overseas subsidy, Amex said.
The company's global commercial services, which include its business travel division, reported Q3 net income of $116m, compared with $134m a year ago.
There was a 17% drop in total revenues to $`997m which Amex said reflected "lower travel commissions and fees and reduced spending by corporate card members compared to year ago levels".
In Q1 of this year, Amex a 58% drop in income from $1bn to $443m while for Q2 it said income had fallen 48% to $342m in the second quarter compared to $660m for the same period in 2008.
Earlier this month, the company carried out a senior management re-shuffle aimed at putting more emphasis on its business travel operations.
Kenneth Chenault, chairman and ceo, said of the Q3 figures: "Our results showed further progress in navigating through the most difficult economic environment in decades.
"We generated substantial earnings this quarter due, in part, to the reengineering efforts that have successfully lowered our expense base.
"Just as important, we stepped up investments in the business with a focus on: premium cobranded products, charge card offerings and brand building initiatives in the US and select international markets.
"We funded these investments, as expected, from the benefits we realised from better credit metrics during the past several months.
"While third quarter revenues declined because card member spending and loan volumes were down from year-ago levels, overall billings have stabilized during the last few months and we saw indications that spending by corporate card members is beginning to pick up."
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