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Mastercard profit falls 5.6% on cross-border spending slump

April 29 (Reuters) - Mastercard Inc reported a 5.6% drop in first-quarter profit on Thursday, mainly driven by a steep decline in cross-border spending on its cards because of a slump in international travel due to the COVID-19 pandemic.

Net income, excluding exceptional items, fell to $1.7 billion, or $1.74 per share, from $1.8 billion, or $1.83 per share, a year earlier.

Analysts on average had expected a profit of $1.57 per share, according to Refinitiv IBES data.

Reporting by Sohini Podder in Bengaluru; editing by Tomasz Janowski and Sriraj Kalluvila

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