The digital payments company attributed the increased earnings to continuous recovery in global economies and the diversification of its revenue
Visa headquarters at Metro Center Boulevard, Foster City. (Credit: Coolcaesar at en.wikipedia.)
Visa has reported a net income of $3.6bn, or $1.65 per diluted share, for the fourth quarter ended 30 September 2021, a 68% rise compared to $2.1bn, or $0.97 per diluted share, for the same period of last year.
The digital payments company reported net revenues of $6.6bn for the fourth quarter (Q4) of 2021, a 28% increase compared to $5.1bn for the same quarter the previous year.
The company has reported total operating expenses of $2.2bn for Q4 2021, a 15% increase compared to $1.9bn for the same quarter in 2020.
Visa chairman and chief executive officer Alfred F Kelly Jr. said: “In a relatively tumultuous fiscal 2021, Visa delivered strong fourth quarter and full-year results, with double-digit net revenue, net income and EPS growth.
“Our performance was driven by the continuation of the recovery in many global economies and the increased diversification of our revenue with new flows and value-added services.
“Looking ahead, Visa is even better positioned for the future as cross-border travel recovers and we continue to drive the rapid growth of digital payments and enable innovation in money movement globally.”
The company has reported a net income of $12.3bn, or $5.63 per diluted share, for the fiscal year (FY) 2021, a 14% rise compared to $10.8bn, or $4.89 per diluted share, for FY 2020.
It reported net revenue of $24.1bn for FY 2021, an increase of 10% compared to $21.8bn for the same period in 2020.
Visa’s total operating expenses for the reported fiscal year were $8.3bn, a 7% rise compared to $7.7bn for FY 2020.
In July this year, Visa agreed to acquire Currencycloud, a platform that enables banks and fintechs to provide foreign exchange solutions for cross-border payments.