MasterCard: third quarter profit increase as expenses decline

Business News

Nov 3, 2009, 13:52 GMT

New York - MasterCard Inc's third quarter net income rose to 452 million dollars, as net revenue increased by 2 per cent over the same period last year, reaching 1.4 billion dollars, the company said in a statement Tuesday. Pricing changes contributed to the net revenue growth. Additionally, a 7.6-per-cent increase in the number of transactions processed - to 5.8 billion - also boosted the revenue increase, the world's second largest credit card firm said. 'Total processed transactions continued to grow at a high single- digit rate, with double-digit growth coming from our Asia Pacific, Middle East, Africa and Latin America regions,' said Robert W Selander, MasterCard's chief executive officer. The company's operating expenses declined 13.3 per cent, to 685 million dollars, due to currency fluctuations, a 7.9-per-cent decrease in general and administrative expenses and a 29.4-per-cent decline in advertising and marketing expenses. 'Our overall cross-border volumes are steadying with our Asia Pacific region demonstrating significant growth in the quarter, and the US showing a lower rate of decline,' added Selander.

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