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Visa 4Q profit down 28 pct on large tax provision

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JOSHUA FREED | October 30, 2013 04:53 PM EST | AP


Visa Inc.'s fourth-quarter fell 28 percent as it set aside more money for taxes.

The world's largest processor of debit and credit card payments says payments on its system rose 13 percent to $1.1 trillion for the quarter.

Net income fell 28 percent to $1.19 billion, or $1.86 per share, for the three months ended Sept. 30, from $1.66 billion, or $2.48 per share, last year.

The results topped analysts' expectations by a penny, according to FactSet.

Revenue rose almost 9 percent to $2.97 billion, a little less than the $3.02 billion analysts expected.

The company set aside $574 million for taxes.

Shares of Visa, based in Foster City, Calif., fell 42 cents to close at $203.82 on Wednesday. They dropped another $4.56, or 2.7 percent, to $199.26 after hours.