MasterCard has a reported a net income of $1.08bn, or $1 per diluted share, for the first quarter of 2017, a 13% increase compared to $959m, or $0.86 per diluted share, for the same period of last year.
For the three months ended 31 March 2017, the company’s net revenue stood at $2.73bn, an increase of 12% compared to $2.46bn for the corresponding quarter previous year
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On a local currency basis, the cross-border volume growth also increased by 13% for the first quarter of 2017.
MasterCard’s total operating expenses stood at $1.22bn, up 12%%, compared to $1.09bn during the same quarter period last year, mainly due continued investment in strategic initiatives, as well as higher advertising marketing spend.
MasterCard president and CEO Ajay Banga said: “We’re off to a very good start, with strong revenue and earnings growth driven by solid transaction and volume levels this quarter.
“We continue to execute well against our strategy, and by complementing the VocaLink acquisition, we can offer an even greater set of payment options to our customers. This deal redefines opportunities and positions us favourably to capture new payment flows.”
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By GlobalData
