Visa has reported a net income of $3bn for the second quarter of fiscal year 2019. This is an increase of 14% compared to $2.65bn in the corresponding quarter of fiscal year 2018.
The firm’s net revenue also jumped, with an 8% year-on-year growth to $5.5bn.
The increase is said to be due to continued growth in payments volume, cross-border volume as well as processed transactions.
Visa second quarter
On a constant-dollar basis, payments volume for the quarter ended 31 March 2019 grew 8% over the prior year.
Cross-border volume growth, on a constant-dollar basis, was 4% for the second quarter of fiscal year 2019.
The number of processed transactions during the period was 32.5 billion. The figure represented a rise of 11% from last year.
Service revenues in the second quarter were $2.4bn, an increase of 7% over the prior year. Data processing revenues increased 14% to $2.4bn on a year-on-year basis.
Compared to last year, international transaction revenues grew 3% to $1.8bn while other revenues rose 42% to $327m.
Visa CEO Alfred Kelly said: “Visa had another solid quarter demonstrating the power of the business model. We continue to invest heavily behind important strategic initiatives while delivering net income and earnings per share growth of 14% and 17%, respectively.”