MasterCard this morning reported a 23.6% surge in first quarter profits, as the number and dollar amount of debit transactions continued to lead its growth.
The card giant reported first quarter profit of $562 million, as revenues advanced by 14.8% to $1.5 billion.
As it has for the past few years, debit transactions continued to fuel the card company's growth, with a 17.4% increase in the value of debit transactions for the first quarter and an 18.6% growth in the number of debit transactions.
The news comes as MasterCard and Visa are helping to lead the fight to stop the Federal Reserve from passing a rule that would cap the fees MasterCard and Visa card issuers are allowed to charge for debit transactions.
“We had a strong start to 2011 despite the hardships experienced by many consumers and businesses due to natural disasters and political turmoil in several markets," said Ajay Banga, MasterCard president and chief executive officer. "Our solid volume and processed transaction growth helped to drive a double-digit revenue increase. This growth is reflective of the strong fundamentals and globality of our business,”
