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August 1, 2014

MasterCard Q2 profit climbs on increased consumer spending

MasterCard said its second-quarter net income climbed 9.8% as it benefited from volume growth and handled more transactions in the period.

By Verdict Staff

MasterCard said its second-quarter net income climbed 9.8% as it benefited from volume growth and handled more transactions in the period.

The credit card giant reported a net income of $931m for the quarter ended 30 June 2014, compared to $848m a year ago.

Revenue rose 13% to $2.38bn from $2.1bn in the second quarter of 2013. The revenue performance was somewhat offset by an increase in rebates and incentives.

The company, which provides cards under brands including MasterCard, Maestro and Cirrus, said its global purchase volume registered 12.5% rise in local currency terms to $821bn, driven by growth in Europe, the Asia Pacific, the Middle East and Africa.

The company’s US purchase volumes rose 10.1% to $289bn.

As of 30 June 2014, the company’s customers had issued two billion MasterCard and Maestro-branded cards.

Commenting on the results, MasterCard president and CEO Ajay Banga said: "We are pleased with another quarter of solid performance, driven by healthy volume and revenue growth."

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