Visa posts higher quarterly net income

Markets Reuters

The San Francisco-based card processor reported fiscal fourth-quarter net income of $880 million, or $1.27 per share of class A common stock, up from $774 million, or $1.06 per share, a year ago.

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Analysts projected Visa would earn $1.25 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results were comparable to analysts' projections.

Total revenues rose 12.6 percent to $2.38 billion.

The debit and credit card processor has beaten analyst expectations in recent quarters by expanding its international card business.

Total processed transactions totaled 13 billion during the quarter, a 9 percent increase over a year ago.

Payment volumes increased 13 percent to $970 billion.

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Domestically, Visa is facing renewed competition from rival MasterCard Inc <MA.N>.

Over the last year, MasterCard has poached some U.S. banks that have traditionally used Visa to process their customers' debit and credit card transactions.

Visa shares declined 2 percent to $90.10 in after-market trading after the results were announced. Shares had closed up 1.4 percent at $92.02 on the New York Stock Exchange.

(Reporting by Joe Rauch in Charlotte, N.C.; Editing by Gary Hill)

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