Mastercard to buy back shares worth $11 billion

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December 5, 2023 4:31 PM EST

FILE PHOTO: Credit card is seen in front of displayed Master Card logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Mastercard on Tuesday said its board had approved a new share repurchase program, authorizing the company to buy back up to $11 billion of its Class A shares.

The payments processing giant also raised it s quarterly dividend to 66 cents per share over previous dividend of 57 cents.

The company said its new share repurchase program will become effective at the completion of its previously announced $9 billion program.

Shares of Mastercard rose about 1% to $411.75 in after-hours trading.

Its rival Visa in October had also authorized a new $25 billion multi-year share repurchase program.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel)


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