Visa Quarterly Profit Jumps 73 Percent Amid Recession

[BR_Parkway]

BOSTON — Visa Inc. on Wednesday said its fiscal third-quarter profit jumped nearly 73 percent, as recent cost-cutting helped offset declining payment processing volume driven down by the recession.

Executives with the world's largest electronic payment network said they see recent stabilization in the economy. They offered a slightly more optimistic outlook for Visa's fiscal fourth quarter, citing recent moderation in the payment volume decline.

"The velocity of the downturn has slowed," Chief Financial Officer Byron Pollitt told analysts on a conference call, adding that it was too early to characterize the shift as a broad economic turnaround.

San Francisco-based Visa reported net income of $729 million, or 97 cents per share, for the three months ended June 30. That's up from a profit of $422 million, or 51 cents per share, in the year-ago period.

http://www.huffingtonpost.com/2009/07/29/visa-quarterly-profit-jum_n_247500.html

[hobbit709]

1. And I bet their increased fees and interest rates had nothing to do with it.

[BR_Parkway]

2. Of course not - and they can tell you which money went where, unlike TARP

money, which we've all been told didn't go into any buyouts or bonuses only lending - but can't actually show it because all the money is mixed in together