American Express Co
In the first quarter, net income available to common shareholders fell to $361 million, or 31 cents per share, from $985 million, or 85 cents per diluted share, a year earlier.
Earnings from continuing operations sank to $443 million, or 32 cents per diluted share, from $1.04 billion, or 90 cents per diluted share, in the same quarter last year.
Consolidated revenue fell 18 percent to $5.9 billion, but consolidated expenses fell 22 percent to $3.6 billion, helped by a restructuring plan.
In the U.S. card service business, net charge-offs -- a measure of bad loan write-offs -- rose to 8.5 percent from 7.0 percent in the previous quarter.
American Express shares rose 4.9 to $22 in after-hours trading after closing at $20.97, up 7.93 percent on the New York Stock Exchange. The company's stock has risen 12 percent in 2009.
(Reporting by Juan Lagorio; Editing Bernard Orr)