Payments technology provider Mastercard has reported a 4% increase in net income to $2.5bn during the third quarter of 2022 from $2.4bn during the year-ago period.

Diluted earnings per share during the quarter that ended on 30 September 2022 were $2.68, excluding one-time costs.

Net revenue jumped 15%, as per reported GAAP, and 23% on a currency-neutral basis to $5.8bn in Q3 2022 from $5bn in Q3 2021.

Specifically, gross dollar volumes were up by 11% to $2.1 trillion on a local currency basis and cross-border volume growth surged by 44%.

Operating expenses also surged during the period under review to 17%, which was primarily driven by higher personnel costs to support investment in strategic initiatives across payments, services and new network capabilities.

During the quarter, Mastercard repurchased 4.7 million shares worth $1.6bn and paid $474m in dividends.

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As of 30 September 2022, Mastercard’s clients had issued three billion Mastercard and Maestro branded cards.

Mastercard CEO Michael Miebach said: “Consumer spending remains resilient and cross-border travel continues to recover. We delivered strong revenue and earnings growth again this quarter, reflecting the focused execution of our strategy.

“We will continue to monitor impacts related to elevated inflation and other macroeconomic and geopolitical risks. Our diversified business model and ability to modulate expenses position us well to navigate through periods of uncertainty while maintaining focus on our strategic objectives.”