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Visa Inc. reports nearly $2B in 4Q earnings, $7B in yearly income

By Doug G. Ware

SAN FRANCISCO, Oct. 24 (UPI) -- Visa Inc. on Monday reported earnings of almost $2 billion for the fourth quarter -- spurred partly by a growth in payments and partly by its recent acquisition of a European membership association.

Visa announced a (GAAP) total of $1.9 billion for quarter four, which ended Sept. 30 -- equivalent to a 79-cent increase per share.

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Visa said the earnings were stimulated by a growth in volume of Visa payments and the acquisition of Visa Europe, which was completed in June.

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"We continue to deliver healthy earnings growth in the face of continued, but abating headwinds," CEO Charlie Scharf said in a statement. "We have begun to see the benefits from our acquisition of Visa Europe and strong cost discipline helped our results.

"At the same time, we are unwavering in our commitment to invest in client partnership opportunities and the further build out of our digital payments capabilities."

The earnings represent a 28 percent growth over the fourth quarter of 2015.

Visa also announced total net earnings for the year -- $6.9 billion, or $2.84 per share, without special items. The full year figure is about a 5 percent decline from 2015.

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"As we enter fiscal 2017, we are positioned well as revenue headwinds will continue to ease, we will continue to see the benefits from Visa Europe in our results, and our strong client franchise continues to grow," Scharf added.

Visa is one of the world's largest financial services companies. Last year, Visa's network processed more than 100 billion transactions worldwide, with a total volume worth $6.8 trillion.

Shares of Visa (NYSE: V) rose by 82 cents on Monday to $83.17.

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