Visa in $1.8bn stock buyback

City A.M. Reporter
VISA’S first-quarter profit jumped 30 per cent, and the world’s largest credit- and debit-card network authorised a new $1.75bn (£1.1bn) share repurchase programme, it said yesterday.

The new share buyback programme brings the total outstanding authorisation to about $2.9bn.

The company’s profit rose to $1.3bn, or $1.93 per Class A share, from $1bn, or $1.49 per Class A share, a year earlier. Total operating revenue rose 12 per cent to $2.8bn. Payment volumes grew nine per cent to $1.1 trillion, and processed transactions four per cent.