(Reuters) – Visa reported a rise in fourth-quarter profit on Tuesday, thanks to higher spending on its cards.
U.S. consumer spending has remained largely resilient despite elevated interest rates, with analysts expecting a soft landing for the economy to boost confidence and reignite spending growth.
Payments volume rose 8% in the quarter on a constant-dollar basis, while cross-border volume excluding intra-Europe, a gauge of international travel demand, surged 13%.
Visa’s net revenue jumped 12% to $9.62 billion in the quarter.
Net income rose to $5.32 billion, or $2.65 per share, in the three months ended Sept. 30 from $4.68 billion, or $2.27 per share, a year earlier.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Anil D’Silva)
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