Citing higher purchase volumes for credit and debit cards in all regions, MasterCard Inc. earned net income of $717 million for the third quarter, up 38.4% from $518 million a year earlier, the company said Wednesday.
Net revenue rose 28.6%, to $1.8 billion, up from $1.4 billion. Operating expenses rose 23.3% to $816 million.
An increase in rebates and incentives paid resulting from increased purchase volume and new customer agreements partially offset the effects of higher purchase volume and transactions, the company said in a press release.
U.S. credit card purchase volume rose 6.6%, to $130 billion from $122 billion, while total U.S. credit transactions rose incrementally, to 1.56 billion from 1.5 billion.
Credit card purchase volume outside the U.S. rose 27%, to $339 billion from $267 billion, while total credit card transactions abroad rose 15.2%, to 3.8 billion from 3.3 billion.
U.S. debit card sales volume rose 22.8%, to $97 billion from $79 billion, and total U.S. debit transaction volume rose 19% to 2.5 billion from 2.1 billion. Debit card sale volume outside the U.S. rose 34.8%, to $62 billion from $46 billion, while total debit transaction volume abroad rose 30.5%, to 1.1 billion from 843 million.
"Debit-portfolio conversions in the U.S. and new transaction processing in Brazil and the Netherlands continue to contribute" to the Purchase, N.Y., company's growth, Ajay Banga, MasterCard's president and chief executive, said in the release.
