Visa profit rises 30 percent; authorizes $1.75 billion buyback

Visa Inc's first-quarter profit rose 30 percent, and the world's largest credit- and debit-card network authorized a new $1.75 billion share repurchase program.

The company's profit rose to $1.3 billion, or $1.93 per Class A share, from $1.0 billion, or $1.49 per Class A share, a year earlier.

Total operating revenue rose 12 percent to $2.8 billion.

Payment volumes grew 9 percent to $1.1 trillion.

The company said it expects annual net revenue growth in the low double digits and adjusted Class A earnings per share growth in the high-teens for 2013.

The company expects an annual operating margin of about 60 percent.

(Reporting by Jochelle Mendonca; Editing by Sriraj Kalluvila)