Visa's profit soars on higher volume of transactions

NEW YORK-Visa's profit rose 8.8 percent in the first quarter of the fiscal year. The company reported a rise in operating income and the amount of payments.
The profit and revenue for the period surpassed analysts ' expectations.
Although the credit for having continued weak consumption, the cost of credit and debit cards remained strong, according to the migration of consumers from cash payments for electronic payments. Visa and its competitor Mastercard earn fees for every transaction.
In the first fiscal quarter, ended December 31, 2013, Visa showed profit of $ 1.41 billion, or $ 2.20 per share. the result was above that seen in the same period of the previous year, when net income was $ 1.29 billion, or $ 1.93 per share.
Operating income grew 11 percent to $ 3.16 billion.
Analysts queried by Thomson Reuters were expecting an adjusted profit of $ 2.16 per share and revenue of $ 3.13 billion.
The volume of payments climbed 11 percent in the last three months of 2013, reaching a total of $ 1.2 trillion.
Visa also reaffirmed its projections for earnings and revenue this fiscal year.