Net income rose to $605 million, or $4.86 per share, from $19 million, or 15 cents per share, a year earlier.
Net revenue rose 10 percent to $1.90 billion.
The Purchase, N.Y.-based company took a charge of nearly $500 million in the year-earlier quarter. The charge covered the cost of a settlement with retailers over the fees they pay on credit card transactions.
The company's latest results beat analysts' estimates, sending MasterCard stock sharply higher in pre-market trading.