American Express earned $4.53 a share as card member spending grew 9 percent, and it raised its full-year revenue outlook

American Express raised its full-year revenue growth target on Friday, to 10 percent. Second-quarter revenue net of interest expense was $19.6 billion, up 10 percent from a year earlier. Diluted earnings came to $4.53 a share, up 11 percent from $4.08, and net income was $3.1 billion. Analysts had looked for about $4.40.

Spending did the work. Billed business reached $455.8 billion, and Card Member spending grew 9 percent, which chairman and chief executive Stephen Squeri said was the fastest rate in three years once currency swings are stripped out. The company credited its Platinum card, now the fastest-growing card in its US consumer business, and new customers it described as skewing toward Millennials and Gen-Z.

Pretax income rose 15 percent, to $4.1 billion. Net income grew more slowly, up 8 percent, and a share count 3 percent smaller than a year ago lifted the per-share figure to an 11 percent gain.

The company held its full-year earnings guidance at $17.30 to $17.90 a share. Squeri said the company would reinvest the first-half revenue outperformance in growth rather than let it drop to the bottom line. The revenue target went up. The profit target did not.