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Visa Q2 Net Income Up

Visa has posted a net income of $713m, or $0.96 per diluted class A common share, for the second quarter of fiscal 2010 ended March 31, 2010, compared to $536m, or $0.71 per diluted class A common share, for the same quarter of fiscal 2009.

Total operating revenues for the second quarter of fiscal 2010 increased to $1.96bn from $1.65bn in the corresponding period of fiscal 2009.

For the first six months of fiscal 2010, Visa has posted a net income of $1.47bn, or $1.99 per diluted class A common share, compared to $1.11bn, or $1.45 per diluted class A common share, for the same period of fiscal 2009.

Total operating revenues for the first half of fiscal 2010 increased to $3.92bn from $3.38bn in the same half of fiscal 2009.

Joseph Saunders, chairman and CEO of Visa, said: “Visa delivered strong financial performance during our fiscal second quarter and we remain confident in delivering our guidance for fiscal year 2010. Our performance was fueled by higher than expected payments volume growth.

“As I discussed at our recent investor day, we are increasingly optimistic that economic growth will gradually improve. At the same time, we remain diligent about how we manage our business and finances throughout the current economic environment.”