MasterCard Surges as Profit Increases 38% on Card Spending

MasterCard Inc., the world’s second- biggest payments network, climbed the most since August as an increase in card spending helped the firm’s third-quarter profit beat analysts’ estimates.

The stock advanced 6.6 percent to $356.43 at 1:29 p.m. in New York trading. Net income climbed 38 percent to $717 million, or $5.63 a share, from $518 million, or $3.94, a year earlier, the Purchase, New York-based firm said today in a statement. The average estimate of 29 analysts surveyed by Bloomberg was $4.82.

Chief Executive Officer Ajay Banga, 51, is pushing to wrest market share from larger rival Visa Inc. New U.S. regulations on transaction fees charged to merchants for debit-card purchases also give retailers more say on how those transactions are routed, which may erode Visa’s dominance.

Read Full Article from BusinessWeek

- Posted: 2011-11-02 13:25:19

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