(Alliance News) - Visa Inc reported a rise in fourth quarter earnings thanks to strength in consumer payments, resilience in eCommerce, and an ongoing recovery in cross-border travel.

In the three months ended September 30, the financial services company reported net revenue of USD7.79 billion, up 19% from USD6.56 billion the previous year.

Net income climbed to USD3.94 billion in the quarter, up 10% from USD3.58 billion a year prior. Basic earnings per share rose to USD1.86 from USD1.65.

Operating income in the quarter totalled USD5.09 billion, up from USD4.32 billion the previous year.

Chair & Chief Executive Officer Alfred F Kelly Jr said: "In Visa's fiscal fourth quarter, we saw a continuation of many of the spending trends present throughout 2022: strength in consumer payments, resilience in eCommerce and ongoing recovery in cross-border travel"

"These trends contributed to robust full-year 2022 results, with net revenues, net income, and EPS all up more than 20% year-over-year, despite broader macroeconomic uncertainty and geopolitical headwinds."

For the year as a whole, the San Francisco-based firm

reported net revenue jumped to USD29.31 billion from USD24.11 billion year-on-year, while net income rose to USD14.96 billion from USD12.31 billion.

Basic earnings per share for the year totalled USD7.01, up from USD5.63 the year prior.

Looking ahead, Visa noted short-term uncertainty but said it remains confident in its long-term growth strategy.

Visa closed up 2.0% at USD194.38 in New York on Tuesday. In after-hours trading, the stock was up 1.5%.

By Heather Rydings; heatherrydings@alliancenews.com

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