Mastercard’s quarterly profit jumps on buoyant spending

(Reuters) -Mastercard’s second-quarter profit rose as customers kept up spending heavily via its cards, the payments giant reported on Wednesday.

Profit was $3.3 billion, or $3.50 per share for the three months ended June 30, compared with $2.8 billion, or $3 per share last year.

A tight labor market has ensured job security for customers while wage growth has increased their discretionary spending power, allowing them to make purchases without restraint even as the U.S. Federal Reserve keeps monetary policy tight.

Revenue rose 11%, to $7 billion, over last year.

(Reporting by Niket Nishant in Bengaluru; Editing by Pooja Desai)