(Alliance News) - Mastercard Inc on Thursday reported double-digit increases in sales and profit in its first quarter with strong payment volumes and growth in value-added services.

The New York-based payment card services company said net income rose 18% to USD3.88 billion in the three months to March from USD3.28 billion the year prior.

Diluted earnings per share improved 21% to USD4.35 from USD3.59, or by 16% at constant currency.

Revenue increased 16% to USD8.40 billion from USD7.25 billion, or 12% at constant currency, with operating expenses of USD3.49 billion, climbed 13% from USD3.10 billion.

Payment network net revenue increased 12%, or 8% on at constant currency.

Within this, Mastercard saw gross dollar volume growth of 7%, cross-border volume growth of 13% and switched transactions growth of 9%, all at constant currency.

Value-added services and solutions net revenue increased 22%, or 18% at constant currency.

Chief Executive Michael Miebach said Mastercard is "well positioned to capture the next wave of digital payments growth and continue to support secure commerce around the world."

Shares in Mastercard traded 2.7% lower at USD513.16 in pre-market trading in New York on Thursday.

By Jeremy Cutler, Alliance News reporter

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