DENVER - (07/22/04) -- Payments processing giant First DataCorp. said net income soared 32% in its second quarter to $466million, or 53 cents a share, from $353 million, or 47 cents ashare, for the same period last year, on the strength of itsacquisition of Concord EFS. Second quarter results included a 16%rise in revenues for the company's payment services unit, 80% ofwhich is attributed to Western Union, to $904 million. WesternUnion continued to grow at double-digit rates, withconsumer-to-consumer transactions advancing by 20% in the quarter.Operations attributed to the Concord merger, including merchantservices and card issuing, also showed strong growth, of 47% and26%, respectively. As a result, the company reported a 47% rise innet income for the first half to $950 million, or $1.13 a share,from $646 million, or 85 cents a share, for the first six monthslast year. Second quarter highlights included a deal to sell thecompany's NYCE electronic funs transfer network to Metavante; anagreement to acquire European payments processor Delta SingularOutsourcing Services; and the repurchase of $683 million worth ofthe company's own shares.
-
As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3