By Kimberly Chin

 

Visa Inc. reported increases in net revenue and earnings for its fiscal fourth quarter driven by higher payments volume, cross-border volume and processed transactions as economies opened up with the wider availability of Covid-19 vaccines.

The company's net profit was $3.58 billion for the quarter ended Sept. 30, up from $2.14 billion in the year-ago period. Earnings for its Class A common stock were $1.65 a share, up from 97 cents a share a year earlier. Adjusted earnings were $1.62 a share. Analysts were expecting $1.56 a share, or $1.55 a share as adjusted, according to a FactSet poll.

Net revenue increased to $6.56 billion from $5.1 billion a year earlier. Analysts were targeting $6.52 billion.

Payments volume, compared with a year ago, rose 17% on a nominal basis, while cross-border volume climbed 38% on the same basis from a year earlier. The total number of transactions processed by Visa increased 21% over the prior year to 45.3 billion.

"Our performance was driven by the continuation of the recovery in many global economies and the increased diversification of our revenue with new flows and value added services," said Chairman and Chief Executive Albert Kelly in prepared remarks.

In July, Visa agreed to acquire Currencycloud, a platform that makes it easier for banks and financial-technology companies to move money across borders and to transact in multiple currencies.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

October 26, 2021 16:45 ET (20:45 GMT)

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