Visa Inc, the world’s largest payments network operator, reported Wednesday an 11 percent increase in its fourth-quarter profit, driven by its purchase of Visa Europe and as more people made payments using its network.
“Visa ended our fiscal year as we began, with strong growth across payments volume, cross-border volume and processed transactions, which was bolstered by the addition of Visa Europe,” Chief Executive Alfred Kelly Jr. said.
Visa’s shares were up 1.4 percent in premarket trading.
The company’s total operating revenue jumped 14 percent to $4.86 billion, reflecting growth in payments volume and processed transactions.
Payments volume rose 9.8 percent to $1.93 trillion on a constant dollar basis, with the United States accounting for about 43 percent of the total.
Cross-border volumes, the value of transactions made outside of the United States, increased by ten percent, on constant dollar basis.
Total operating expenses rose marginally to $1.64 billion.
Visa’s rival, MasterCard reports financial results next week.
Source: Reuters
