Mastercard has reported a net income of $3bn, or $3.22 per diluted share, for the first quarter ended 31 March 2024, a 28% rise compared to $2.4bn, or $2.47 per diluted share, for the respective period in 2023.

The US-based payment card services provider reported net revenue of $6.3bn for the first quarter (Q1) of 2024, a 10% increase compared to $5.7bn for the same quarter the previous year.

The company reported operating expenses of $2.7bn for the reported period, a 5% rise compared to $2.6bn for the corresponding quarter in 2023.

Mastercard has reported income before tax of $3.6bn for Q1 2024, a 25% increase compared to $2.9bn for the same period the previous year.

The company attributed the increase in net revenue to the growth in its payment network and its value-added services and solutions offering.

Mastercard CEO Michael Miebach said: “Our momentum continued this quarter, as we delivered strong revenue and earnings growth powered by healthy consumer spending, strong cross-border volume growth of 18% year-over-year, and new deal wins in every region.

“We are driving growth in electronic payments by scaling innovative technologies like tokenization. That’s why people choose Mastercard – for a simple, seamless and secure way to pay.”

Mastercard reported general and administrative expenses of $2.3bn for Q1 2024, a 12% rise compared to $2bn for the same quarter in 2023.

The US payment card provider reported advertising and marketing expenses of $116m for Q1 2024, a 30% decline compared to $167m for the same period the previous year.

The company reported depreciation and amortisation expenses of $216m for Q1 2024, a 13% increase compared to $191m for the corresponding quarter in 2023.

Mastercard reported a provision for litigation expenses of $126m for Q1 2024, a 40% decline compared to $211m for the same quarter the previous year.

Last month, US payment card companies Visa and Mastercard reached a settlement with merchants to reduce credit and debit card fees, to save merchants $30bn over five years.