Mastercard's Q4 profit jumps on buoyant spending
Payments processor Mastercard on Wednesday (Jan 31) reported an 11 per cent jump in fourth-quarter profit, driven by resilient consumer spending during the holiday season as labour markets remained strong and fears of a recession eased.
The company reported a profit of US$2.8 billion, or US$2.97 per share, for the three months ended Dec 31, compared with US$2.5 billion, or US$2.62 per share, a year earlier.
Growing expectations of a “soft landing” – where inflation cools without tipping the economy over into a recession – is also boosting confidence.
Net revenue rose 13 per cent to US$6.5 billion, Mastercard said.
Last week, Visa also reported a better-than-expected quarterly profit, thanks to a strong holiday season. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Crypto boom, erratic rain spark outages in Laos, Asia’s clean power export hub
Bank of Japan in no rush to sell risky asset holdings
China’s first special bond sale likely to see solid demand
HSBC brings out tax tools for UK businesses ahead of new rules
Data leak reveals links between money laundering accused Su Jianfeng and sale of Dubai properties
Businessmen in Singapore placed on China’s wanted list weeks after money laundering raid in 2023