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Friday, February 18, 2011

Visa, MasterCard end year on a high note

The two leading card brands posted strong results for the quarter that ended in December 2010. Revenue at Visa Inc. jumped 14 percent year over year to $2.2 billion for its first fiscal quarter, which ended Dec. 31. The results were driven by double-digit growth in service, data processing and international transaction revenue.

Profit attributable to Visa was $884 million, up 16 percent from $763 million for the same period of 2009.

At MasterCard Worldwide, revenue rose 10.7 percent year over year to $1.4 billion for its fourth quarter. Profit attributable to MasterCard skyrocketed 41.2 percent, to $415 million, from $294 million a year earlier. That lifted earnings to $3.16 a share, from $2.24 a share in the prior year's quarter. Income was higher due in part to a lower tax rate for the quarter. end of article

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