Visa Profit up 14 Percent on Higher Payment Volumes, Processed Transactions

Visa Inc (V.N) said on Wednesday quarterly net income rose by 14 percent, as the company processed more card payments and payment volumes increased.

The San Francisco-based card processor reported fiscal fourth-quarter net income of $880 million, or $1.27 per share of class A common stock, up from $774 million, or $1.06 per share, a year ago.

Analysts projected Visa would earn $1.25 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results were comparable to analysts' projections.

Total revenues rose 12.6 percent to $2.38 billion.

The debit and credit card processor has beaten analyst expectations in recent quarters by expanding its international card business.

Total processed transactions totaled 13 billion during the quarter, a 9 percent increase over a year ago.

Payment volumes increased 13 percent to $970 billion.

Domestically, Visa is facing renewed competition from rival MasterCard Inc (MA.N).

Over the last year, MasterCard has poached some U.S. banks that have traditionally used Visa to process their customers' debit and credit card transactions.

Visa shares declined 2 percent to $90.10 in after-market trading after the results were announced. Shares had closed up 1.4 percent at $92.02 on the New York Stock Exchange.

(Reporting by Joe Rauch in Charlotte, N.C.; Editing by Gary Hill)