<a href="https://www.thenationalnews.com/business/technology/2022/10/12/data-analytics-and-ai-to-fuel-middle-east-and-turkeys-fintech-growth-says-mastercard/" target="_blank">Global payments company Mastercard’s</a> first-quarter net profit dropped by almost 10 per cent on an annual basis, driven by a double-digit jump in operating expenses in the January-March period. The New York-based company’s net profit dropped to $2.4 billion in the three months to the end of March. It was down nearly 4 per cent on a quarterly basis. Earnings per share dropped 8 per cent to $2.47, the company said in a statement on Thursday. Revenue during the period rose about 11 per cent yearly to $5.7 billion, but dropped 1.7 per cent on a quarterly basis. The company’s total operating expenses increased 18 per cent year on year to $2.6 billion in the last quarter, primarily due to higher personnel costs to support “continued investment in strategic initiatives”, Mastercard said. Mastercard's shares, which have jumped almost 3.3 per cent in the past year, rose 1.82 per cent to trade at $373.45 a share on Thursday. “We delivered strong revenue and earnings growth this quarter, reflecting resilient consumer spending and the continued recovery of cross-border travel,” said Michael Miebach, Mastercard’s chief executive. “We are actively managing the business to capitalise on the significant digital payment and services opportunities ahead, and stand ready to navigate through any headwinds,” he said. The company’s operating income in the first quarter rose 6 per cent on a yearly basis to $3.1 billion. Mastercard, which suspended its business operations in Russia in March last year due to the Ukraine conflict, said that one of the key drivers of its growth was the surge in cross-border volume that increased 35 per cent yearly in the first quarter. Gross dollar volume (GDV), a key measure of Mastercard's business, surged 15 per cent in the March quarter. GDV represents the aggregated dollar amount of purchases made and cash disbursements obtained with Mastercard-branded cards. Total purchase volume, representing the aggregate dollar amount of purchases made with Mastercard-branded cards, rose 17 per cent during the period. The company’s customers had issued 3.2 billion Mastercard and Maestro-branded cards as of March 31. “We are making sure people and businesses can use their Mastercard when and where they want, now surpassing 100 million acceptance locations worldwide," Mr Miebach said. “As we look to the future, I believe our focused strategy, diversified business model, and our relationships around the globe position us very well." Mastercard repurchased eight million shares at a cost of $2.9 billion and paid $545 million in dividends to its shareholders in the first quarter. Since the start of this year (to April 24), the company has repurchased 1.6 million shares at a cost of $602 million, which leaves $8.7 billion remaining under the approved share repurchase programmes, Mastercard said.