Visa Reports Fiscal 2Q 2011 Results

Visa has announced financial results for the Company's fiscal 2Q 2011 ended March 31, 2011 with GAAP net income for the quarter of $881 million on GAAP net operating revenue of $2.2 billion, an increase of 15% over the prior year. Fiscal 2Q 2011 highlights include:

• Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2010, on which fiscal second quarter service revenue is recognized, was a positive 15% over the prior year at $897 billion.
• Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2011, was a positive 13% over the prior year at $861 billion.
• Cross border volume growth, on a constant dollar basis, was a positive 13% for the three months ended March 31, 2011.
• Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2011, were 12 billion, a positive 13% increase over the prior year.

Client incentives, which are a contra revenue item, were $451 million and represents 17% of gross revenues. A webcast replay is available on the Visa investor website.