US-based payment technology firm Visa has reported a net income of $2.1bn for the third quarter ended 30 June 2017, compared to $412m for the same period later year.
The firm’s net operating revenue in the fiscal third quarter was $4.6bn, a 26% increase compared to $3.6bn for the corresponding quarter previous year.
Visa attributed the increase to the inclusion of Europe and continued growth in payments volume, cross-border volume and processed transactions.
Payments volume growth, on a constant dollar basis, for the three months ended 30 June 2017, was 38% over the prior year at $1.9 trillion.
Cross-border volume growth, on a constant dollar basis, was 147% for the three months ended 30 June 2017. Cross-border volume growth, on a constant dollar basis and inclusive of Europe in prior year results, was 11%.
Total processed transactions, which represent transactions processed by Visa, were 28.5 billion for the third quarter, a 44% increase over the prior year. Total processed transactions growth was 13%, inclusive of Europe in prior year results.
Visa CEO Alfred Kelly, Jr. said: “I’m pleased to report Visa’s fiscal third quarter results which reflect strong growth in payments volume, cross-border volume, and processed transactions, which were powered by economic tailwinds in the US and globally.”
“Our results and growth are a reflection of our strategy to pursue the conversion of cash and checks to electronic payments in partnership with our clients around the world.”