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MasterCard posts third quarter profit rises

The company reported a net revenue of $1.43bn for the third quarter of 2010.

MasterCard has reported a net income of $519m or $3.94 per diluted share, for the third quarter 2010, compared to $452m or $3.45 per diluted share, for the same quarter of the 2009.

The company reported a net revenue of $1.43bn for the third quarter of 2010, compared to $1.36bn for the corresponding quarter of the 2009.
Worldwide purchase volume during the quarter was up 7.9 per cent on a local currency basis versus the third quarter of 2009, to $514bn.

The number of processed transactions increased 0.6 per cent compared to the same period in 2009, to 5.8 billion.

As of 30 September 2010, the company's customers had issued 1.6 billion MasterCard and Maestro-branded cards.

Operating margin was 53.6 per cent for the third quarter of 2010, up 4.2 percentage points over the year-ago period.

MasterCard president and CEO Ajay Banga said, the year-to-date net income is up over 22 per cent, aided by strong volume growth from markets outside of the US.

"Leveraging our global presence and differentiated assets, we continued to win new deals and execute against our three strategic pillars to grow, diversify and build MasterCard's business. We are growing our global debit portfolio with new agreements that include Sovereign Bank, Chevy Chase (now part of Capital One) and Delta Air Lines in the US, Barclaycard in Germany and Qatar Islamic Bank.

"We are expanding our presence in new markets and channels, reflected in our memorandum of understanding with China Union Pay and an agreement with Singtel, one of the larger mobile operators in Asia. We also completed our acquisition of DataCash which enhances our e-Commerce capabilities," Banga said.