Visa Achieved 17 Percent Year-On-Year Profit Growth

Visa Achieved 17 Percent Year-On-Year Profit Growth

International payment card company Visa reported a 17 percent jump in net profit in the first three months of this year, boosted by strong spending by card users. The results are better than the earlier expectations of analysts.

The company’s net income reached $4.3 billion in its fiscal second quarter, an increase of 17 percent compared to the same period in 2022.

At the same time, total revenues amounted to eight billion dollars and were 11 percent higher than last year’s period.

Customer spending was resilient despite high inflation and concerns about the economic situation, and the volume of card payments increased by 10 percent in the quarter ended March 31.

Doubling the Share of E-Car Sales in Turkey

The share of electric cars in new registrations in Turkey more than doubled from 1.1 percent in January-March 2022 to 2.4 percent in the same period this year.

During the first quarter of 2023, 4,870 electric cars were registered in Turkey, state statistics body TurkStat announced on Tuesday, Anadolu Agency reported.

Over the course of three months, the country registered a total of 460,910 road motor vehicles, out of which 204,666 were cars.

The share of gasoline vehicles among registrations in the first quarter was 66.6 percent, less than in the same period last year when it was 70.5 percent.

Moreover, the share of diesel vehicles is up to 20.5 percent from 16.5 percent in the same period, while the share of hybrid cars fell to 8.5 percent from 9.5 percent. The share of LPG vehicles also fell to two percent from 2.4 percent.

Togg, the nation’s inaugural electric car brand, has commenced sales of its debut model T10X in the local market and aims to deliver 20,000 electric vehicles this year.