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In the first quarter (Q1) of the year, American Express Company revealed net income of USD1.2 billion, a year-on-year decline of 13 percent, while diluted earnings per share stood at USD1.34, down eight percent.Q1 consolidated total revenues net of interest expense reached USD7.9 billion, down two percent from USD8.1 billion in the same period in 2016.

Excluding 2016's Costco-related business and the impact of foreign exchange rates, adjusted revenues net of interest expense grew seven percent.

Kenneth Chenault, CEO, American Express Company, said, "The results reflect many of the investments we have been making to grow the business, plus continued progress in reducing operating expenses.