Visa's quarterly profit rises nearly 28%

Company's net income at $1.93 billion

Visa Inc , the world's largest payments network operator, reported a 27.7 per cent rise in quarterly profit as customers spent more using the network.

The company's net income rose to $1.93 billion, or 79 cents per Class A share, in the fourth quarter ended September 30, from $1.51 billion, or 62 cents per share, a year earlier.

Excluding special items, Visa earned 78 cents per share.

Total operating revenue rose 19.3 per cent to $4.26 billion.