News Summary: Visa posts higher fiscal 1Q profit

News Summary: Growth in credit card and debit transactions lifts Visa's fiscal 1Q net income

Associated Press

STRONG QUARTER: Visa's net income jumped 25 percent to $1.3 billion in the last three months of 2012, aided by a tax benefit and growth in the number of transactions processed by the company. Revenue jumped nearly 12 percent to $2.85 billion.

CONSUMER SPENDING: Transactions processed over the Visa network totaled $14.2 billion, an increase of 4 percent from a year earlier. U.S. debit transactions fell 4 percent, but debit and credit card transactions overseas jumped 21 percent.

SPENDING CARRYOVER: Visa noted that U.S. payment volume grew 5 percent through Jan. 28, compared with 3 percent in the October-December period.

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