MasterCard posts strong Q2 results

31 July 2009

MasterCard has posted better-than-expected financial results for the second quarter.

The firm revealed a 2.7 per cent increase in net revenue for the three months to the end of June, taking the figure to $1.3 billion.

Net income climbed 26.4 per cent to $349 million and the number of transactions handled by the firm rose 7.9 per cent to 5.6 billion.

The company also reduced expenses by 13 per cent to $722 million, aided by a fall in marketing expenditure and reduced personnel costs.

"We are very pleased with our second-quarter financial performance and are adapting well to the challenging economic environment," president and chief executive officer Robert Selander said.

He added that MasterCard has had a "sharp focus" on managing expenses and will continue to benefit from the growing trend of business, governments and consumers to use electronic payments.

MasterCard recently partnered with Bancorp Bank to launch a new peer-to-peer payments platform in the US.

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