MasterCard earnings jump 32.8pc

3 Aug 2011

An increase in customer spending boosted credit card giant MasterCard’s second-quarter profit by 33pc.

“Solid global performance, including strong increases in volume and processed transactions, fuelled double-digit revenue growth this quarter,” said Ajay Banga, MasterCard president and CEO.

“While payment volumes have risen across our base customers, we’re also seeing new business such as the portfolio conversions of SunTrust and Sovereign, as well as new processing relationships in the Netherlands and in Brazil, contribute to growth.”

The company reported net income of US$608m, up 32.8pc, and earnings per diluted share of US$4.76, up 36.4pc. This is an increase from US$458m, or $3.49 per share, in the year-earlier period.

Net revenue for the second quarter of 2011 was US$1.7bn, a 22.1pc increase from the same period in 2010.