Daily Management Review

Visa's net profit up by a quarter


U.S.-based Visa Inc., one of the world's largest bank card companies, posted a 26 percent increase in net profit to $3.959 billion for the first quarter of fiscal 2021-2022 that ended Dec. 31, the company said in a statement.

On a per common share basis, diluted earnings were $1.83 compared to $1.42 a year earlier. The adjusted figure was $1.81, while the forecast was $1.7 per share. Visa's revenue rose 24% year-over-year to $7.059 billion, compared with a forecast of $6.79 billion.

Visa's operating expenses in the past three months rose 24% to $2.3 billion. Payment volume rose 20% in the past quarter.

Visa is a global payment system that provides cardholders, merchants, financial institutions and governments with access to an electronic payment network.

source: bloomberg.com