Visa Inc. posts Q3 net income of $1.2 billion, authorizes new $1.5 bn share repurchase program

Visa Inc. announced financial results for the Company's fiscal third quarter 2013 ended June 30, 2013. Net income for the quarter was USD 1.2 billion or USD 1.88 per share, an increase of 16 per cent and 20 per cent, respectively, over the prior year adjusted results. The prior year results were adjusted to exclude a litigation provision of USD 4.1 billion and related tax benefits associated with the Multidistrict Litigation proceedings taken in the fiscal third quarter of 2012. Net operating revenue in the fiscal third quarter of 2013 was USD 3.0 billion, an increase of 17 per cent over the prior year, driven by strong growth in service revenues, data processing revenues and international transaction revenues. "Visa delivered solid financial performance during our fiscal third quarter and we remain confident in delivering our guidance for fiscal year 2013," said Charlie Scharf, Chief Executive Officer of Visa Inc. "We remain committed and focused on our long-term strategic goal of supporting our issuers, acquirers, merchants and government partners through flexibility and innovation in electronic payments. We are accelerating opportunities to expand our network through mobile, eCommerce and data-driven solutions, while continuing to deliver value to our shareholders."