MasterCard Quarterly Profit Climbs as Consumers Buy with Plastic

MasterCard Quarterly Profit Climbs as Consumers Buy with Plastic - Bloomberg
MasterCard Inc., the world’s second- biggest payments network, posted a 31 percent increase in second-quarter profit that exceeded most Wall Street estimates as more consumers paid with plastic.

Net income rose to $458 million, or $3.49 per diluted share, compared with $349.1 million, or $2.67, a year earlier, the Purchase, New York-based company said today in a statement. The average estimate of 31 analysts surveyed by Bloomberg was for earnings per share of $3.34.

Chief Executive Officer Ajay Banga, 50, who took over the top job last month, is trying to take market share from larger rival Visa Inc. as both companies continue to benefit from consumers’ shift from cash and checks to plastic.