MasterCard profit beats as purchase volumes rise
[NEW YORK] MasterCard Inc, the world's second-biggest payments processor, reported a better-than-expected quarterly profit, driven by higher spending by customers on its network.
The company's shares were up 1.8 per cent at US$105.51 in premarket trading on Friday.
MasterCard's net income jumped 21.2 per cent to US$1.18 billion, or US$1.08 per share, in the third quarter ended Sept 30.
Analysts on average had expected 98 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 13.8 per cent to US$2.88 billion.
Bigger rival Visa Inc also reported better-than-expected quarterly results this week.
Worldwide purchase volume rose 9 per cent to US$882 billion, on a local currency basis, the company said.
MasterCard's cross-border volumes - the value of transactions made by card holders outside the card-issuer's country - jumped 12 per cent.
Up to Thursday's close, the company's stock had risen 6.4 per cent this year.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say