SAN FRANCISCO – Visa, Inc., yesterday said net income for its fiscal first quarter soared 33% to $763 million, as both the number of Visa cards and the volume of transactions continued to grow at a healthy pace.
The total number of transactions processed over the world’s largest payment system rose by 12% over the same quarter last year, data processing revenues rose 38% and service revenues rose 4%.
For the first quarter revenues rose 13% to $1.96 billion.
"By all measures, Visa's fiscal first quarter was a strong start to the new year, as we continued to execute well against our business plan," said Joseph Saunders, CEO of Visa, one of two stocks owned by credit unions (MasterCard is the other). "We were able to capitalize on the secular trend to digital currency and grow revenues, as we expanded our payments network and processing capabilities to drive transaction growth through effective marketing programs."
