(Reuters) -Payments processor Visa reported a jump in third-quarter profit on Tuesday, helped by resilient consumer spending despite tough economic conditions this year.
Excluding one-time costs, it posted a profit of $4.5 billion, or $2.16 per share, for the three months ended June 30, compared with $4.2 billion, or $1.98 per share, a year ago.
Payment volumes rose 9%, while cross-border volumes surged 17% in the quarter.
A rebound in spending since last year has kept card companies on more solid ground, but the U.S. Federal Reserve’s relentless interest rate hikes are starting to deter pandemic-weary travelers who had fueled the recovery.
(Reporting by Niket Nishant and Sri Hari N S in Bengaluru; Editing by Devika Syamnath)
