Profits up at card firm Visa
By UK CreditCards.com
Credit 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.
Published: 4 August 2009
- Financial capability: Managing money and planning ahead – A recent report on financial capability based on six elements shows many Brits need to hone their financial skills. This short series will give tips on how to improve each area ...
- What we buy and how we spend: A decade of change – The Payments Council took a look back on the past decade in a February 2013 report, which found that Brits are splashing out on fun -- and moving toward a cash-free lifestyle ...
- Glimmers of optimism appear among financial gloom – With Christmas debt looming and warnings of a triple-dip recession in the headlines, you might think consumers are feeling pessimistic about their finances. But recent research shows otherwise ...