MasterCard has reported a net income of $933m, or $0.86 per diluted share, for the fourth quarter of 2016, an increase of 4.8% compared to $890m, or $0.79 per diluted share, in the prior year quarter.
For the quarter ended 31 December 2016, the company's net revenue stood at $2.75bn, a 9.4% increase compared to $2.51bn in the corresponding quarter of the last year.
The company reported a 9% increase in gross dollar volume, on a local currency basis and adjusting for the impact of recent EU regulatory changes, to $1.2 trillion; and an increase in cross-border volumes of 13%.
Operating income was $1.36bn for the fourth quarter, a 23% increase compared to $1.1bn for the same quarter previous year.
Total operating expenses came down by 1% to $1.4bn during the fourth quarter of 2016 compared to the same period in 2015 and were flat on a currency-neutral basis.
MasterCard said that the decrease reflects the impact of ongoing cost management activities offsetting our continued investments in strategic initiatives.
MasterCard president and CEO Ajay Banga said: “We’re pleased to have delivered strong results for the quarter and full year, driven by solid execution of our strategy and leveraging our differentiated service offerings.
“Our continued investments in digital, safety and security, data analytics, loyalty and processing position us well for future growth in our core business and new payment flows.”