Visa has reported a net income of $430m for the fiscal second quarter ended 31 March 2017, a decrease of 75% compared to $1.7bn for the same quarter previous year.

The company attributed the decrease in net income to special items related to the legal entity reorganization of Visa Europe.

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Net operating revenue stood at $4.47bn, an increase of 23.4% compared to $3.62bn during the same period last fiscal, driven by the inclusion of Europe and continued growth in payments volume, cross-border volume and processed transactions.

On a constant dollar basis, payments volume for the three months ended 31 March 2017 rose 37% over the prior year to $1.7 trillion. Cross-border volume surged to 132% during the period.

For the three months ended 31 March 2017, total processed transactions representing transactions processed by Visa rose by 42% to $26.3bn versus a year ago.

The firm’s total operating expenses stood at $1.7bn, up 40% from the year ago quarter of $1.2bn, primarily driven by increases in general and administrative expense related to the charitable donation to the newly-formed Visa Foundation.

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Furthermore, the payment technology firm announced a $5bn class A common stock buyback.

Visa CEO Alfred Kelly said: “In the face of geo-political uncertainty, Visa continues to execute well against our operating plan and strategic priorities, delivering sustained growth across nearly every part of our business.

“Robust growth in payments volume, cross-border volume and processed transactions drove better than expected results. Looking ahead, we are continuing our efforts across the globe to electronify commerce and digitise economies to the benefit of consumers and societies alike.”