Jul 31
VISA Releases Stellar Results
Posted on Friday, July 31, 2009 in General
VISA Inc. released stellar results for its third quarter, reporting that net income leaped 73% to US$729M, up from US$422M a year ago. Due to the nature of Visa’s business (it makes its riches off transaction fees rather than lending), the company remained relatively isolated from an unattractive, default-ridden credit market.
Visa, as the world’s largest electronic payments network, also benefited from a consumer switch-away from cash and cheques towards debt, credit and charge cards. Visa’s share price jumped 0.64% yesterday to close at US$67.21.