NEW YORK (Reuters) - American Express Co revised upward its fourth quarter profit by almost 40 percent to $240 million, due to a hedge accounting error, the company said in a regulatory filing on Friday.
The credit card company revised its fourth-quarter profit to $240 million or 21 cents a share, from the $172 million or 15 cents a share it stated in its quarterly results on Jan 26.
The adjustments were due to the company miscalculating fair value hedges, American Express said in the filing.
Separately, the company has paid $22 million into a reserve account for a securitization of credit card loans, after an average rate earned on these loans fell below a certain level over the last month, it said in another filing on Friday.
The New York-based company said it may have to pay more -- up to as much as $2 billion for one securitization class -- if spreads fall further.
American Express restated its full-year profit as $2.7 billion or $2.33 a share, up from $2.63 billion or $2.27 a share, as stated in its results on Jan 26.
(Reporting by Elinor Comlay)
