MasterCard has posted a net income of $1bn, or $0.89 per diluted share, for the first quarter of 2015, a 17% increase compared to $870m, or $0.73 per diluted share, for the same period of 2014.
Net revenue for the first quarter of 2015 was $2.2bn, a 3% increase compared to the year ago period as-reported and an 8% increase adjusted for currency.
The rise in revenue was driven by an increase in cross-border volumes of 19%, a 12% rise in gross dollar volume, on a local currency basis, to $1.1trn and an increase in processed transactions of 12%, to 11 billion. Also, acquisitions contributed 2 percentage points to total net revenue growth.
Worldwide purchase volume for the quarter grew 12% on a local currency basis to $783bn compared to the first quarter of 2014. The company’s customers had issued 2.2 billion MasterCard and Maestro-branded cards as of 31 March 2015.
Total operating expenses decreased 1%, or increased 3% when adjusted for currency, to $879m during the first quarter of 2015 compared to the same period in 2014.
Operating income for the first quarter of 2015 increased 5% over the year-ago period, or 12% adjusted for currency, and the company delivered an operating margin of 60.6%.
MasterCard president and CEO Ajay Banga said: "The underlying fundamentals of our business remain unchanged, driving our ability to sign new agreements with Citi and Itaú, work with digital giants and expand our support of the merchant community.
"This, combined with our focus on costs, allowed us to continue to deliver solid results in the first quarter."