Visa Inc's quarterly profit rose 16 percent to $884 million, as consumer spending ramped up and the company processed more transactions abroad.

The world's largest credit and debit card processing network on Wednesday reported a profit of $1.23 per share for its fiscal first quarter ended December 31.

That compared to a year-ago profit of $763 million or $1.02 per share.

Visa shares closed up about 2 percent at $72.09 on Wednesday, and fell about 1 percent in after-hours trading.

(Reporting by Maria Aspan)