Mastercard Inc. reported fourth-quarter 2016 net income of $933 million, or 86 cents per share, up from $890 million, or 79 cents per share, in the year-ago period.

The S&P Capital IQ GAAP EPS estimate for the quarter was 85 cents.

Net revenue for the quarter increased year over year to $2.76 billion from $2.52 billion. The company said the growth was driven by a 17% increase in switched transactions to 15.2 billion; a 9% increase in gross dollar volume, on a local currency basis and adjusting for the impact of recent EU regulatory changes, to $1.2 trillion; and a 13% increase in cross-border volumes. These factors were partially offset by an increase in rebates and incentives, primarily due to new and renewed agreements and increased volumes.

Worldwide purchase volume during the quarter was $898 billion, up from $883 billion in the year-ago quarter. The company's customers had issued 2.3 billion Mastercard and Maestro-branded cards as of Dec. 31, 2016.

During the quarter, Mastercard repurchased about 11 million shares at a cost of $1.1 billion. Quarter-to-date through Jan. 26, the company repurchased an additional 2.3 million shares at a cost of $247 million, leaving $4.7 billion remaining under its share repurchase program.

For the full year 2016, Mastercard posted net income of $4.06 billion, or $3.69 per share, up from $3.81 billion, or $3.35 per share, in 2015.

The S&P Capital IQ consensus GAAP EPS estimate for 2016 was $3.69.