(Reuters). American Express Company (NYSE:) announced Friday a larger profit than Wall Street expected for its fourth consecutive quarter. The report supports consumers’ spending recovery, aided by the lifting of COVID-19 limitations.

Credit-card companies like AmEx have seen a notable turnaround after months of stagnation in spending. This is due to a rise of fully-vaccinated individuals allowing them to resume social activities.

The quarter ended September 30, saw net income of $1.83 billion or $2.27 a share. This is a 70% increase over last year. Refinitiv data shows that analysts were anticipating a share of $1.80.

AmEx said the growth was driven by higher spending on goods and services (G&S) by consumers and small businesses.

Spending on travel and entertainment (T&E) also continued to rebound in the quarter, with restaurant spending growing above pre-pandemic levels as restrictions were eased and more people ventured out of their homes, the company said.

AmEx released reserves of $393 million in quarter one, reflecting improved credit prospects overall.

The company, based in New York, saw its total revenue rise 25% to about $10.93 billion.