Visa Inc. has announced financial results for the Company's fiscal first quarter 2014. Net income for the fiscal first quarter was $1.4 billion or $2.20 per share, an increase of 9% and 14%, respectively, over the prior year results. Net operating revenue in the fiscal first quarter of 2014 was $3.2 billion, an increase of 11% over the prior year, driven by strong growth in service revenues, data processing revenues and international transaction revenues.
Visa delivered a strong fiscal first quarter, posting solid revenue, net income and earnings growth. We continue to focus on embracing new partners and new technology which will make our network the one of choice. We also continue to build services for issuers, acquirers and merchants to make our network a valuable asset for our clients," said Charlie Scharf, Chief Executive Officer of Visa Inc.
"The recent series of data compromises are terribly unfortunate for everyone involved. However, the established and well understood rules that govern traditional networks coupled with the cooperation between merchants, financial institutions, and the networks have minimized the level of the monetary losses. But these incidents remind us of the need for all of us to continue to work together to secure payments from criminals. Visa is committed to ensuring our network operates at the highest level of security available and will continue to move the industry towards the adoption of new safeguards including EMV chip and tokenization. We also will work with all participants to look beyond these technologies," added Scharf.
Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2013, on which fiscal first quarter service revenue is recognized, was 13% over the prior year at $1.1 trillion.