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19/04/2011 -
Thanks to an increase in spending, some corporations are poised to make profits from the payment processing arms of its business practices.Among the biggest winners as of late was JPMorgan Chase, which reported that its card unit will be taking in $1.3 billion in profit, after losing $303 million last year. Increased consumer spending allowed the bank to reduce its credit loss provisions by 94 percent, Dow Jones reports. There was also good news for non-bank credit card providers, including MasterCard. Analysts at Thomson Reuters said that they expected the company to increase the price of its shares by $4.10, with revenues of $1.46 billion. The numbers were an improvement over last year, when the corporation stated profits of $3.46 a share after taking in $1.31 billion in revenue.
MasterCard has been finding success by teaming up with other corporations in recent weeks. Hyatt recently announced that it had reached an agreement for an enhanced folio system with the card provider. Jay Singer, head of U.S. Commercial Products for MasterCard, said that the new program would help the hotel giant manage their corporate card programs and integrate expense reporting with existing financial systems.
