SAN FRANCISCO (dpa-AFX) - Visa Inc. (V) on Tuesday reported an 18% increase in fourth-quarter profit, driven by growth in payments volume, cross-border transactions and processed transactions.
Net income for the quarter rose to $6.0 billion or $3.19 per share from $5.09 billion or $2.62 per share last year. Adjusted net income increased to $6.6 billion or $3.48 per share from $5.8 billion or $2.98 per share last year.
Net revenue increased 13% to $12.14 billion from $10.72 billion, supported by strong business activity. Payments volume rose 9%, cross-border volume grew 14%, and processed transactions increased 10% to 74.2 billion.
GAAP operating expenses increased 7% to $4.9 billion, primarily reflecting higher general and administrative expenses.
Further, Visa's board also increased its quarterly cash dividend by 16% to $0.78 per share, payable December 1 to shareholders of record November 10.
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