Buoyed by growth in the number of active cards, Green Dot (GDOT) reported first-quarter earnings of $17.1 million, up 35% from the same period a year earlier.
Despite the discontinuation of a program with Intuit's (INTU) TurboTax, the company posted solid organic growth, Steve Streit, Green Dot's chairman and chief executive, said in a news release.
The Monrovia, Calif., company said Thursday that total operating revenue increased 21%, to $142.3 million, year over year.
The prepaid card company said Thursday that the number of general-purpose reloadable debit cards activated during the quarter increased 1%, to 2.2 million. Excluding the TurboTax program in both periods, the number jumped 23% year over year.
The number of active cards at quarter end totaled 4.7 million, up 10%, from a year earlier. Discounting the TurboTax program, the number of active cards rose 20% year over year. Gross dollar volume climbed 5%, to $4.8 billion, from a year earlier.
