PURCHASE, N.Y. – Fast-paced growth in debt continued to fuel MasterCard in the third quarter, with the cards network announcing this morning an 8% increase in net income for the period.
This year’s $782 million net for the third quarter compares to $717 million net for the same period last year. Revenues for the quarter were up 6% in the third quarter to $1.1 billion.
Ajay Banga, CEO of MasterCard, which has fallen behind Visa in the U.S. market, said foreign markets continue to fuel its growth. “We won significant business in Europe this quarter with Nordea, Credit Agricole and CSOB in the Czech Republic,” he said. “Additionally, emerging geographies and governments continue to provide great opportunities for growth.”
Debit growth continued to pace MasterCard’s financial performance, with worldwide debit transactions growing13% for the quarter and by 16% for the first three quarters of the year, compared to growth of credit transactions of 7% for the quarter and of 8% for the first nine months.
For the first three quarters of the year MasterCard reported a 12% growth in revenues to $3 billion, and a 14% rise in net income to $2.2 billion.