Mastercard has posted a net income of $1.9bn, or $1.82 per share, for the third quarter of 2018.

The results show an increase of 33% from $1.4bn, or $1.34 per share, in the year ago period.

For the quarter ended 30 September 2018, the card giant’s net revenue was $3.9bn, a year-on-year growth of 15%.

According to Mastercard Q3 results, operating income surged 18% to $2.3bn from $1.9bn in the third quarter of 2018. Operating expenses grew 11% to $1.6bn from $1.5bn a year ago.

The company also recorded a 16% increase in switched transactions to 18.8 billion, while cross-border volumes rose 17% on a local currency basis.

The company’s customers issued a total of 2.5 billion Mastercard as well as Maestro-branded cards as of 30 September 2018.

Mastercard president and CEO Ajay Banga said: “We had another very strong quarter, delivering solid top- and bottom-line growth. Our business wins and new partnerships, strengthened by our differentiated services offerings, are helping drive our global momentum.

“We are continuing to invest for the long term with a focus on secure and convenient solutions that will help us grow our core business and address new payment flows.”

Mastercard added that it repurchased  approximately 5.6 million shares at a cost  of $1.2bn and paid $260m in dividends during  the third quarter of 2018.