Earnings Decline At Fiserv
BROOKFIELD, Wis. – Fiserv reported a 7% decline in first quarter profit yesterday, to $112 million, on higher expenses and flat revenue growth.
The provider of back-office services to credit unions and banks reported a 7% rise in expenses for the first quarter, to $827 million, while revenues rose less than 1% to $1.05 billion.
“Our first quarter revenue growth is kicking off a good start to the year led by strong performance in our Payments segment,” said Fiserv President Jeffery Yabuki.
First quarter highlights included the acquisition of Credit Union On-Line, a provider of outsourced processing solutions for credit unions, and of Mobile Commerce Ltd. (M-Com), an international mobile banking and payments provider and a strategic partner of Fiserv in the creation of Mobile Money. Also, the company signed contracts with Connects FCU to implement its Portico core processing system and with Georgia’s Own CU to install Fiserv’s Acumen processing solution.