MasterCard Incorporated has announced its Q3
2010 financial results with strong double-digit growth in
Asia-Pacific and Latin America regions showing no signs of
slowing.
MasterCard’s net income was $518m, up 14.6%
when compared to the same point last year. Net revenue for Q3 2010
was $1.4bn, a 7.3% increase from Q3 2009. The quarter also showed a
15.4% increase in cross-border volume and the number of processed
transactions was up by 0.6% compared to the same period in 2009, to
5.8bn.
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As of 30 September this year, MasterCard’s
customers had issued 1.6bn MasterCard and Maestro-branded
cards.
Year-to-date (YTD) results showed net income
up by 24% to $1.4bn and an increase in net revenue of 7.9% to
$4.1bn.
“Leveraging our global presence and
differentiated assets, we continued to win new deals and execute
against our three strategic pillars to grow, diversify and build
MasterCard’s business,” said Ajay Banga, president and CEO of
MasterCard.
“We are growing our global debit portfolio
with new agreements that include Sovereign Bank, Chevy Chase and
Delta Air Lines in the US, Barclaycard in Germany and Qatar Islamic
Bank.
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By GlobalData“We are expanding our presence in new markets
and channels, reflected in our memorandum of understanding with
China UnionPay and an agreement with Singtel, one of the larger
mobile operators in Asia. We also completed our acquisition of
DataCash which enhances our e-commerce capabilities.”
During a conference call in which the results
were discussed, Banga said MasterCard’s volume growth outside the
US outpaced growth in the US. He cited the Asia Pacific and Latin
America regions as delivering strong growth in both domestic and
cross-border volumes.
APMEA’s (Asia Pacific, Middle East and Africa)
purchase volume across all MasterCard credit, charge and debit
programmes increased by 15.7% to $104bn in Q3 2010. Latin America
saw a larger increase of 22.6% to $32bn, while the US dipped by
0.7% to $201bn.
