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Visa Q1 2013 net income surges by 26% to $1.3bn

Visa has reported that its net income increased by 26% to $1.3bn, for the first quarter of 2013, compared to $1.02bn during the same period last fiscal.

For the first quarter of 2013, ended on 31 December 2012, basic earnings per share stood at $1.93, up by 30% from $1.5 per share during the comparable period earlier year.

Net operating revenue stood at $2.8bn, with an increase of 12% compared to the corresponding period prior year, backed by strong growth in service revenues, data processing revenues and international transaction revenues.

Fiscal first quarter 2013 service revenues surged by 13% to $1.3bn, while data processing revenues grew by 17% to $1.1bn during the year ago quarter.

Total operating expenses were $1bn, up by 13% increase during the same quarter period a year ago, mainly due to higher personnel and professional fees associated with investments in technology projects to support our growth initiatives.

Operating in more than 200 countries and territories, Visa connects consumers, businesses, financial institutions and governments to fast, secure and reliable digital currency.