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NEW YORK (AP) — American Express Co. saw its first-quarter profits rise sharply, but the company saw a significant drop in revenue as fewer customers used their credit cards and those with balances paid down debt. The New York-based company said it earned a profit of $2.24 billion, or $2.74 a share, compared with a profit of $367 million, or 41 cents a share, in the same period a year earlier. This quarter s results included a one-time $675 million benefit from AmEx s loan-loss reserves. Like other financial companies, AmEx set aside funds to cover potentially bad loans in the pandemic, but as the economy has improved, those funds are coming out of those rainy day funds and returned to shareholders.

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