You are here: Home - Credit Cards & Loans -

Mastercard sees product usage up and profits leaping

0
Written by:
03/05/2007

Mastercard has reported that its profits have jumped by 70% due to an increase in the use of its products and the weakness of the dollar against the euro.

The world’s second biggest credit card company recorded a profit of £108m in the first three months of 2007. The amount spent on its cards grew 16%, while there was a 19.4% rise in transactions.

The company said that the Middle East, Latin America and the Asia Pacific region were being specially targeted for new business development.

“There is a perception in the US that everyone has credit cards, but that is not true in some international markets,” said Chris McWilton, chief financial officer at Mastercard.

He added that Mastercard may look for companies to buy overseas to accelerate its growth in some regions currently under-supplied with credit products.

“These are good numbers and although Mastercard is some way behind Visa in the credit card stakes, the company is looking healthy with solid plans for growth in place,” said City analyst Colin Perry.

“Growth and expansion always go down well with traders and analysts, and Mastercard certainly has pretty ambitious plans in that direction.”

About 2.5% of the firm’s income was attributed to the movement of the euro against the dollar, which recently hit an all-time low against the European currency.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Final salary pensions under threat as schemes close

Final salary schemes for the UK’s 23 million private sector workers could virtually disappear within four years, according to Hargreaves...

Close