NEW YORK: Mastercard on Thursday reported a bigger-than-expected rise in second-quarter profit, boosted by resilient spending in a turbulent economy.

Unfazed by stubborn inflation and a stormy economic environment, Mastercard’s customers continued to spend heavily on travel and entertainment even as rate hikes by the Federal Reserve have increased the odds of a recession later this year.

Excluding one-time costs, New York-based Mastercard earned $2.89 per share for the three months ended June 30, beating expectations of $2.82 per share, according to Refinitiv IBES data.