American Express Profits Up 12 Pct.

Monday, January 22nd 2001, 12:00 am

By: News On 6

NEW YORK (AP) â€” American Express Co. said Monday that its profits rose 12 percent in the fourth quarter last year but warned that the slowing economy could reduce earnings this year.

The New York-based financial services company said that net income totaled $677 million, or 50 cents a share, in the October-December period, compared with $606 million, or 44 cents a share, a year earlier.

The earnings matched the 50 cents expected by analysts surveyed by First Call/Thomson Financial.

However, the company warned that 2001 could see slower growth. American Express said it expected ``the weak financial markets and economic slowdown of the last few months to continue into this year and, as a result, full year 2001 earnings per share growth is expected to be at the low end of its target range.''

In afternoon trading, American Express shares were down $3.50 or 7.2 percent at $45.13 on the New York Stock Exchange.

For all of 200, net income was $2.8 billion, or $2.07 a share, up 14 percent from $2.48 billion, or $1.81 a share, for all of 1999.

Revenues for the year were $22.09 billion, up 13 percent from $19.48 billion in 1999.