OREANDA-NEWS  American Visa Inc., the operator of the largest payment system in the United States, increased net profit and revenue in the fourth quarter of fiscal year 2023, with revenue and adjusted profit exceeding market expectations.

The company's net profit in July-September was $4.7 billion, or $2.27 per class "A" share, compared with $3.94 billion, or $1.86 per share, for the comparable period a year earlier.

Earnings excluding one-time factors increased to $2.33 per share from $1.93 per paper a year earlier.

Revenue increased by 11% to $8.6 billion from $7.8 billion.

The average forecast of experts surveyed by FactSet for adjusted earnings was $2.25 per share. They estimated revenue at $8.56 billion.

In the last quarter, the number of transactions on Visa cards increased by 10%, to 56 billion, the volume of payments increased by 9%.

The volume of cross-border payments, excluding currency fluctuations, jumped by 16%. The indicator, excluding transactions made within Europe, increased by 18%.

Visa raised its quarterly dividend by 16%, to 52 cents from 45 cents per share. In addition, the company's management approved a share repurchase program worth up to $25 billion.

In the past fiscal year, the company's net profit as a whole increased by 18%, to $17.3 billion, or $8.28 per share. Revenue increased by 11% to $32.7 billion.

In 2024, Visa expects revenue growth of 7-13% (high single-digit to low double-digit) and an increase in earnings per share of 18-19% (high teens).

Since the beginning of 2023, Visa's capitalization has increased by 12.9% (to $471.3 billion), while the Standard & Poor's 500 stock index has gained 10.6%.