Visa has reported a net income of $2.52bn for the first quarter of fiscal year 2018, a jump of 22% compared to $2.07bn a year ago.
The results included a gain of $1.13bn related to US tax rule overhaul and a $1.15bn charge related to a transition tax on foreign earnings.
Net operating revenue for the quarter ended 31 December 2017 was $4.86bn, up 9% from $4.46bn in the same period last year. Visa attributed the rise in revenue to continued growth in payments volume, cross-border volume and processed transactions.
The company said that exchange rate shifts versus the previous year positively impacted reported net operating revenue growth by around 1 percentage point.
On a constant dollar basis, payments volume growth for the quarter ended 31 December 2017 was 10% and cross-border volume growth was 9%.
Total processed transactions, which represent transactions processed by Visa, were 30.5 billion. The figure represents a rise of 12% compared to last year.
Total operating expenses increased 13% year-on-year to $1.53bn. The company attributed the rise to higher personnel costs.
Visa CEO Alfred Kelly, Jr., said: “We are off to a solid start in our first fiscal quarter of 2018 as we saw healthy growth in all key business drivers across the globe. In particular, momentum accelerated in the U.S. driven by strong holiday spending and e-commerce growth.
“Given the recent benefits from the Tax Cut and Jobs Act, we are evaluating ways to further invest in our business, our people and our communities to digitise payments and contribute to overall economic growth.”