Payment processing giant Visa has reported a net income of $2.85bn for the fourth quarter of fiscal year 2018, a surge of nearly 25% compared to $2.14bn in the year ago period.
Net operating revenue for the quarter ended 30 September 2018 increased to $5.43bn from $4.85bn in the corresponding year ago quarter.
The company attributed the rise in revenue to continued growth in payments and cross-border volume, and processed transactions.
According to the Visa Q4 results, total payments volumes grew 11% over the prior year, while the number of processed transactions jumped 12% to 32.8 billion.
Fiscal fourth quarter service revenues stood at $2.3bn, an increase of 10% over the prior year.
Data processing revenues rose 16% over the prior year to $2.4bn, the company said in its earnings statement.
Visa Q4 results further showed international transaction revenues increased by 10% to $2bn over the year ago period. Other revenues of $256m rose 13% over the prior year.
Commenting on the performance, Visa CEO Alfred Kelly commented: “We closed our fiscal year with strong momentum, delivering robust revenue and earnings growth fueled by double-digit increases in payments volume, cross-border volume and processed transactions.
“The major aspects of the Visa Europe integration concluded successfully with the completion of our platform migration and the shift to commercial client contracts. Aside from the impact of the stronger dollar, positive business trends remain intact as we enter our new fiscal year.”