News Summary: Visa returns to profit in 3Q

PROFITABLE QUARTER: Visa Inc. returned to a profit in the April-June quarter, aided by strong revenue growth as it processed more charge and debit card transactions. The prior-year results included a $4.1 billion provision related to litigation costs and other one-time items.

THE NUMBERS: The company reported net income of $1.23 billion, or $1.88 per share, compared with a loss of $1.84 billion, or $2.74 per share, in the prior-year quarter. Revenue grew to $3 billion from $2.6 billion a year earlier.

CARD USAGE: Visa processed 15 billion transactions during the quarter, an annual gain of 14 percent.