US-based payments processor Visa has reported a 6% year-on-year rise in its GAAP net income to $3bn for the fourth quarter of fiscal year 2019.
Net revenues were $6.1bn for the three-month period ended 30 September 2019, up 13% from last year. The increase was nearly 15% on a constant-dollar basis.
The company attributed the revenue growth to rise in payments volume, processed transactions as well as cross-border volume.
On a constant-dollar basis, payments volume grew by 9% while cross-border volume growth was 7%.
The company also reported an 11% year-on-year increase in total processed transactions to 36.4 billion.
Fiscal fourth quarter service revenues stood at $2.5bn, a 9% rise compared to last year. Data processing revenues surged 16% to $2.8bn.
International transaction revenues rose by 11% to $2.2bn, while other revenues of $345m were 35% higher than a year ago.
Visa chairman and CEO Alfred Kelly said: “The fourth quarter capped a strong fiscal 2019 with net revenue and adjusted EPS growth of 13% and 21%, respectively.
“During the year, we extended and expanded partnerships with a significant number of our largest clients globally while also establishing new partnerships with emerging companies across the payments ecosystem. These partnerships, combined with four acquisitions and substantial organic investment, greatly expand our reach and capabilities to fuel future growth.”