News Summary: Visa posts higher fiscal 1Q profit
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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