U.S. Visa Inc (NYSE:V) increased net income in the first quarter of fiscal 2023 ( ended December 31) by 6% to $4.18 billion, or $1.99 per share, up from $3.96 billion, or $1.83 per share, in the comparable period a year earlier.

Earnings excluding one-time factors rose 21% to $2.18 per share, the company said in a press release.

Revenue rose 12% to $7.94 billion from $7.06 billion a year earlier.

The average forecast of experts surveyed by FactSet for adjusted earnings was $2.01 per share. They estimated revenue at $7.70 billion.

Visa processed 52.5 billion card transactions last quarter, up 10% from the same period in the previous fiscal year. Payment volume grew 7% excluding exchange rate fluctuations.

Cross-border payment volume excluding exchange rate fluctuations jumped 22%. The figure excluding transactions made within Europe soared 31%.

Visa will pay shareholders a quarterly dividend of $0.45 per share. Payments will begin on March 1, the closing of the shareholder register is scheduled for February 10.

Visa repurchased 15.6 million of its Class A shares in the first fiscal quarter at an average price of $198.74 per share, for a total cost of $3.1 billion.

Visa shares were up 1.1% in additional trading Thursday. The company’s 12-month capitalization increased 9% (to $463.6 billion).