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Visa profit rises 51%

Visa Inc.'s (V-N) quarterly profit rose more than 50 percent as consumers ramped up their spending.


The company, the world's largest credit and debit card processing network, reported net income of $774 million US, or $1.06 per share, Wednesday for its fiscal fourth quarter, ended Sept. 30. That compared with $514 million, or 69 cents per share, a year earlier.


On an adjusted basis, not including the company's reevaluation of its Visa Europe franchise, Visa earned $695 million, or 95 cents per share, in the quarter.


The company, which processes transactions done with credit and debit cards bearing the Visa name, makes money every time someone buys something with one of the cards. Its revenues have grown this year as U.S. consumers have become more willing to spend again. CTV Two CTV News CTV News Channel BNN - Business News Network CP24