Visa Inc , the world's largest payment network, posted quarterly earnings that were 23 percent higher than for the same period last year, raised its dividend and authorized a share repurchase plan.

Net income was $514 million, or 69 cents per diluted class A share, for the fourth quarter ended September 30, compared to a net loss of $356 million, or 45 cents, a year earlier.

On an adjusted basis, reflecting a normalized tax rate, restructuring and purchase amortizations, quarterly net income rose 23 percent to $552 million, or 74 cents per diluted class A share.

The company also increased its quarterly dividend by 19 percent and authorized a $1 billion share repurchase plan.

Visa's shares were down 2.8 percent at $70.83 in after-hours trade after closing up 1.54 percent on the New York Stock Exchange.

(Reporting by Juan Lagorio, editing by Leslie Gevirtz)