ATLANTA - (10/25/04) -- CheckFree Corp., the leadingprovider of electronic bill payment services, said it broke intothe black in its fiscal first quarter ended Sept. 30 to the tune of$6.2 million, or seven cents a share. That compares to a loss of$6.7 million, or seven cents a share for the same period last year.First quarter earnings were fueled by a 26% rise in revenues to$177.8 million. First quarter highlights included a 25% increase intotal transactions processed over the pervious quarter to 205.8million; and a 14% increase in electronic bills delivered to 29.6million, over the last quarter.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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