MasterCard has reported a net income of $1.4bn, or $1.34 per diluted share, for the third quarter of 2017, an increase of 21% compared to $1.2bn, or $1.10 per diluted share, in the year ago period.
The company reported net revenue of $3.4bn for the quarter ended 30 September 2017, up 18% compared to $2.9bn in the corresponding year ago quarter. The company attributed the rise in revenue primarily to 17% surge in switched transactions and 10% increase in gross dollar volume.
The payment technology firm’s operating income during the quarter increased 16% year-on-year to $1.9bn, while total operating expenses increased 20% year-on-year to $1.5bn.
The company in its earnings statement said its customers issued 2.4 billion Mastercard and Maestro-branded cards as of 30 September 2017.
Commenting on the results, Mastercard president and CEO Ajay Banga said: “We are executing well on our strategy and are pleased to deliver another quarter of record results. These results reflect a continued momentum in strengthening and extending relationships with our partners and customers.
“As the world becomes more connected, we remain very focused on security. Our investments in technologies like biometrics, tokens, encryption and artificial intelligence are redefining the way both consumers and transactions are protected.”