Profits up at card firm Visa

By UK CreditCards.com

Visa posts profitsCredit card firm Visa has announced successful financial results for the third quarter of the fiscal year.

The organisation's profits rose by 73% over the three-month period to hit £440m. Meanwhile, expenses fell by 9% and earnings per share hit 67 cents, slightly ahead of analysts' expectations.

Joseph Saunders, chairman and chief of Visa, said: "As we look forward to the remainder of our fiscal 2009 year and beyond, we will remain focused on leveraging our inherent operating scale, maintaining strong financial performance and expense control."

He added that the present economic conditions, with output on both sides of the Atlantic likely to be still on the decline, represented a "challenging time" for the firm.

This point of view is backed up by recent data from the International Monetary Fund, which suggested that 7% of European and 14% of US credit card balances could be defaulted on as a result of the current financial crisis and recession.ADNFCR-2308-ID-19289408-ADNFCR

Published: 4 August 2009