MasterCard Reports HigherEarnings
PURCHASE, N.Y. - (05/16/05) -- Credit card association MasterCardInternational reported last week that net income for its fiscalfirst quarter rose 27% to $93.3 million, compared to the samequarter last year. First quarter earnings were fueled by higherconsumer spending, the expansion of customer relationships, andincreased cross-border travel. Gross dollar volume of transactionsrose 11% to $379.6 billion. The company said it rebated 19% of itsgross revenues in the first quarter to its partner banks and creditunions, compared to 14% for last year's first quarter.