MasterCard’s Q1 pro t up 17%

NEW YORK — Credit and debit card payment processor MasterCard said its profit rose 17 per cent in the first quarter, as consumers across the globe spent more on their MasterCards.

The Purchase, N.Y.-based company reported net income of $1.02 billion US, up from $870 million a year earlier. Net revenue was $2.23 billion US.

MasterCard showed strong growth on purchase volume, or the amount of money customers spent on their MasterCards. Purchase volume was $783 billion in the first quarter, up roughly 12 per cent from a year earlier. Payment processors like MasterCard take a small percentage of each transaction as a fee for using their network.