SAN FRANCISCO – Visa Inc. reported profit of $716 million yesterday for its fiscal third quarter, as consumers resumed spending.
That was down slightly from Visa's year-earlier net income of $729 million, which included proceeds from the sale of the company's stake in VisaNet do Brasil.
Third quarter revenues surged 23% to $2 billion, as payments volume rose 14%, helping signal a return of consumer spending. Volume for all card transactions processed by the cards giant increased in the double digits compared to last year.
Joseph Saunders, CEO of the world’s largest payments network, said there will be big changes to the market caused by the Doff-Frank Financial Reform Act, which will regulate debit card interchange for the first time. “While it is too early to fully and accurately gauge the impact of the legislation, Visa has demonstrated an ability to manage our business through periods of change,” he stated.
For the first three quarters of its fiscal year Visa reported an 18% rise in revenues to $5.9 billion, and a 19% increase in net income to $2.2 billion.
