Card use abroad increases MasterCard's profit in the first quarter

MasterCard reported Tuesday that its profit more than doubled in the first quarter. It happened thanks to an increase of customers using credit and debit cards outside the United States.

Photo: Card use abroad increases MasterCard's profit in the first quarter

Card use abroad increases MasterCard's profit in the first quarter

The multinational corporation earned $446.9 million, or $3.38 per share for the 3-months period. Last year the income was just $214.9 million, or $1.57 a share.

The earnings actually were higher than predicted, even if to strike out the gain from terminating a customer business agreement and another gain from selling Mastercard’s remaining holdings in the Brazilian company Redecard.

Now MasterCard is working at boosting its debit and credit cards in the spheres of U.S. utilities, rental companies and health care providers. This will increase the company’s profit on the home market.

Meanwhile, the company is highly encouraged by increasing card use abroad. The profit is mainly gained from Latin America, South Asia, the Middle East and Africa.

Photo: www.fahad.com