Redecard SA, Brazil's second-largest card payment processor by market value, said Friday that its first-quarter profit rose 11%, to $204.1 million, as the economy recovered from its first recession since 2003, spurring retail sales.

The value of credit and debit card transactions grew 25% and 20%, respectively, the Sao Paulo company said. Brazil's economic expansion fueled a 12.3% rise in February consumer spending, the steepest growth rate in two years.

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