MasterCard Inc , the world's second-largest credit and debit card network, reported a higher fourth-quarter profit as more people choose card payments over cash.
For the quarter ended December 31, net income rose to $605 million, or $4.86 per share, from $19 million, or 15 cents per share, a year earlier.
Continue Reading Below
The company took a $495 million litigation charge in the year-ago quarter.
Revenue rose 10 percent to $1.9 billion.
Cardholders made $727 billion of purchases worldwide, on a local currency basis, up 13 percent.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Roshni Menon)