Visa has recorded a net income of $2.6bn for the second quarter of fiscal 2018, a surge of 505% compared to $430m a year ago.

For the quarter ended on 31 March 2018, net operating revenue was $5.1bn, n increase of 13% from $4.47bn in the corresponding year ago period.

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The payments and cross-border volumes surged by 11% on a constant-dollar basis, while the total processed transactions increased 12% year-on-year to reach $29.3bn.

According to the company, exchange rate shifts had positive impact on reported net operating revenue growth by approximately 1.5 percentage points, when compared to the previous year.

Visa also experienced 19% year-on-year surge in international transaction revenues to reach $1.8bn.

Total operating expenses grew by 4% to $ $1.7bn, which the company said is primarily due to higher personnel and marketing costs.

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Visa CEO Alfred Kelly said: “Visa had a terrific second quarter. Revenue growth was better than anticipated and many of our key business drivers accelerated compared to the first quarter, including strong growth in cross-border and payments volume.

“The fundamentals of our core business remain robust around the world and our team continues to execute against the company’s long-term growth strategy.”