(Reuters) - American Express ( AXP ) reported third-quarter profit above Wall Street estimates on Friday, as higher spending on its cards offset a hit from bigger provisions for credit losses.

The credit card giant has been relatively insulated from economic shocks as it caters to affluent customers, but some analysts see limited room for its market value to grow further given that the stock is already trading at a record high.

Elevated interest rates and economic uncertainty could also discourage some customers from spending on non-essential purchases.

Its provisions for credit losses were $1.4 billion in the quarter, compared with $1.2 billion last year.

Still, profit rose 2% to $2.51 billion for the three months ended Sept. 30. On a per-share basis, it earned $3.49 versus the $3.28 that analysts had forecast, according to estimates compiled by LSEG.

"The strong early results we're seeing from our product refreshes reinforce my confidence that we're investing in the right areas," CEO Stephen Squeri said in a statement.

Shares of the company climbed 2% before the opening bell after gaining about 53% so far this year through Thursday. Peers Mastercard and Visa have jumped 20% and 12% in 2024, respectively.

AmEx's revenue rose 8% to $16.64 billion.