MasterCard has reported a net income of $1.2bn, or $1.08 per diluted share, for the third quarter ended 30 September 2016, a 21% increase compared to $977m, or $0.86 per diluted share, for the same quarter last year.
Net revenue for the quarter was $2.9bn, a 14% increase compared to $2.53bn during corresponding period previous year.
The growth in net revenue was driven by a 12% rise in cross-border volumes, an 11% increase in gross dollar volume on a local currency basis to $1.2 trillion, as well as an 18% rise in processed transactions to 14.5 billion.
MasterCard said that these factors were partially offset by an increase in rebates and incentives, primarily due to increased volumes and new and renewed agreements.
Worldwide purchase volume increased 9% on a local currency basis to $882bn compared to the prior year quarter. The company's customers had issued 2.3 billion MasterCard and Maestro-branded cards as of 30 September 2015.
Operating income was up by 22%, compared to a year earlier, excluding the special item, with the company delivering an operating margin of 58%.
MasterCard president and CEO Ajay Banga said: "Our business continues to perform well, and we are pleased with our strong growth in revenue and earnings per share this quarter.
“We are executing on our strategy, deepening issuer relationships and delivering our customers and partners digital-first solutions. As a result, consumers benefit from seamless and secure purchase experiences everywhere and every way they shop.”