(MENAFN) MasterCard's CEO, Ajay Banga, announced that the company's income in the first quarter climbed 25 percent to USD682 million, reported AP.
Banga added that revenue in the period reached USD1.8 billion, affected by costs related to incentives, which jumped by 24 percent .
The CEO attributed the rise in quarterly profit to a 23 percent surge in the use of the firm's cards by shoppers in the Middle East, the Asia Pacific and Latin America, whereas the usage of MasterCard in the US went up by 14 percent.
He also said MasterCard targets an annual revenue growth rate of 12 percent to 14 percent, and earnings per share growth of at least 20 percent.
It is worth noting that MasterCard repurchased 652,500 shares during the quarter, at a cost of nearly USD248 million.
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