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MasterCard Q1 Net Income Surges

MasterCard has reported a net income of $455m, or $3.46 per diluted share, for the first quarter ended March 31, 2010, compared to $367m, or $2.8 per diluted share, for the first quarter of 2009.

Net revenue for the first quarter of 2010 was $1.31bn, an increase of 13.1% compared to $1.15bn in the same quarter of 2009.

The higher net revenue this quarter benefited from: an increase in cross border volumes of 10.9%; growth in MasterCard’s gross dollar volume, which increased 8.3% on a local currency basis, to $631bn; an increase in processed transactions of 4.6%; and pricing changes of approximately 5 percentage points.

The number of processed transactions in the first quarter of 2010 increased 4.6% compared to the same period in 2009, to 5.4bn.

Robert Selander, CEO of MasterCard, said: “We are starting the year with strength across several of our business drivers, including healthy cross-border volumes, which contributed to our solid first quarter results.

“We also made a number of announcements that position MasterCard well for continued success, including signing a long-term agreement for HSBC’s global mass affluent Premier credit business, and the ongoing adoption of MasterCard inControl with Fifth Third, JP Morgan and First National Bank of Omaha.”