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Mastercard (MA.N) posted a jump in first-quarter profit on Thursday as resilient ​consumer spending ensured sustained transaction volumes on ‌its network.

Its net income climbed to $3.9 billion, or $4.35 per share, in the quarter, compared with $3.3 billion, or $3.59 ​per share, a year ago.

Spending has ​largely held up despite concerns of economic ⁠uncertainty fueled by the Iran war and U.S. ​tariffs, even though consumer confidence has waned in ​a sluggish labor market.

A bulk of the spending is coming from wealthier households who continue to make discretionary ​purchases, while lower-income families pare back on ​non-essentials.

Experts are increasingly highlighting the bifurcation as the so-called "K-shaped" ‌economy ⁠continues to underpin consumer trends, cushioning industries such as travel and entertainment.

Wall Street executives and experts have said while trends have largely remained ​stable for ​now, higher ⁠gasoline prices spurred by the war could start pulling spending away from ​other categories.

Mastercard reported a 7% jump ​in ⁠gross dollar volume - the value of all transactions processed on its platform. Net revenue climbed 16% ⁠to $8.4 ​billion in the quarter.