MasterCard has a reported a net income of $959m, or $0.86 per diluted share, for the first quarter of 2016, a 6% decrease compared to $1.02bn, or $0.89 per diluted share, for the prior year quarter.
For the quarter period ended 31 March 2016, the company’s net revenue stood at $2.46bn, an increase of 10% compared to $2.23bn in the corresponding quarter of 2015.
On a local currency basis, purchase volume growth for the quarter was surged by 12% to $883bn compared to the prior year. On a local currency basis, the cross-border volume growth also increased by 12% for the first quarter of 2016.
Total processed transactions surged by 14% to 12.6 billion versus a year ago.
MasterCard’s total operating expenses stood at $1.1bn, up 25%, or 29% from the previous year quarter, due to the difference between foreign exchange gains related to currency hedging and balance sheet re-measurement which occurred in last year’s first quarter versus foreign exchange losses on currency hedging in the first quarter of 2016.
MasterCard president and CEO Ajay Banga said: "The year is off to a good start with solid growth in revenue due to strong volume and transaction levels this quarter.
"We continue to deliver against our strategy, looking to our investments and acquisitions to create a better cardholder experience, supported by a relentless commitment to security.
"Our encryption and token services are helping to support new ways to pay in an increasingly digital world, while our APT and Pinpoint businesses are helping to drive stronger connections between merchants and their customers."