MasterCard (MA), the operator of the world’s second-largest payments network, reported an 11.1% rise in quarterly profit as purchase volumes increased.

The company’s net income rose to $890 million, or 79 cents per share, in the fourth quarter ended Dec. 31 from $801 million, or 69 cents per share, a year earlier.

MasterCard’s shares were up 4% at $84.40 in trading on Friday morning.

Acquisitions had a dilutive impact of 3 cents per diluted share on earnings, the company said.

Analysts on average estimated earnings of 79 cents per share, according to Thomson Reuters I/B/E/S.

Net revenue rose 4% to $2.52 billion.

MasterCard’s gross dollar volume—the total value of transactions made by its customers—rose 12% to $1.2 trillion on a local currency basis.

Cross-border volumes—the value of transactions made by customers outside the card-issuer’s country—also rose 12%.

Up to Thursday’s close, the stock had lost about 3% since the beginning of 2015, underperforming rival Visa Inc’s 5.8% gain.