Visa, Inc. has reported that second-quarter profits increased 33% over last year as the U.S. credit card spending has climbed for the first time in over a year.
Net income for the first 3 months of 2010 was $713 million or 96 cents a share compared to the 2009 income of just $536 million or 71 cents a share.
Credit card spending in the U.S. grew 15% in the first three weeks of the second quarter compared to the same period in 2009. Use of debit cards increased 22% and credit cards advanced 7%.
Economists are looking at this as a positive sign of the recovering economy.
Source- Bloomberg Business Week
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