American Express reported third-quarter profit on Friday that exceeded Wall Street estimates, driven by resilient spending from affluent cardholders and record demand for its premium cards. The company reaffirmed its full-year earnings guidance.

Billed business rose from a year earlier, led by travel and entertainment spending among higher-income customers. Card-member fees, which have become a central growth engine, climbed as the company expanded its refreshed Platinum and Gold portfolios. Analysts polled by LSEG had expected earnings per share in the low teens.

American Express set aside additional provisions for credit losses as consumer debt levels increased, though management said delinquency and write-off rates remained below historic norms. The firm continued to attract younger Millennial and Gen Z customers, who accounted for a growing share of new accounts.

The results offered a read on the health of the US consumer at the premium end, where spending has held up better than at mass-market retailers. American Express shares, which have gained this year, were in focus as investors weighed the strength of fee-driven revenue against the cost of customer acquisition and rewards.

Chief Executive Stephen Squeri was expected to emphasise the durability of the company's premium strategy on the earnings call, pointing to continued momentum in card fees and international expansion.