Earnings Fall At DigitalInsight

February 18, 2005, 1:00 a.m. EST 1 Min Read

CALABASAS, Calif. - (02/18/05) -- Internet services provider DigitalInsight Corp. said net income plunged in its fourth quarter by 85%to $3.9 million, or 11 cents a share, despite a 16% rise inrevenues, based on the elimination of tax advantage the companybooked in 2003. Digital Insight booked a $29.6 million tax benefitin the fourth quarter of 2003 from the release of its deferred taxvaluation allowance, creating a fourth quarter net of $35.5 millionduring the period. The elimination of the tax benefit also pusheddown the company's fiscal year earnings by 65% to $16.7 million, or47 cents a share, from $46.6 million, or $1.38 a share, for fiscal2003. Still, Digital Insight said revenues rose a healthy 16% forthe fourth quarter, to $48.9 million, and by 22% for the year, to$84.3 million. Fourth quarter results included a 16% rise inInternet banking revenues, based on strong growth in the company'sbill pay and online banking products. Revenues from online lendingservices advanced 19% for the fourth quarter.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Stablecoin

Inside Paxos and Aleo's 'stablecoin salaries'

The two companies are collaborating on making the digital asset private for payroll and other business transactions. While it's unusual, as the most well-known stablecoins are on public ledgers, tech firms are warming to the idea.

By John Adams

5h ago
Zions Bancorp.

Zions is 'confident' in credit despite Wall Street battering

Following a $60 million credit hit, the Salt Lake City bank said that it hasn't found any other related problem loans.

By Catherine Leffert

October 20
M&A

Two Illinois community banks agree to merge in $170M deal

The parent company of Heartland Bank and Trust plans to acquire a smaller bank based in Carlinville, Illinois. The acquisition would give the buyer added heft in Central Illinois, as well as the Chicago and St. Louis metro areas.

By Kevin Wack

October 20
CDFIs

Banks urge Trump admin to restore CDFI Fund staff, funding

Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.

By Ebrima Santos Sanneh

October 20
M&A

Eastern in Mass. should sell itself: Activist investor

The Boston-based bank is the second bank in three months to face pressure to sell by the activist investor group HoldCo Asset Management.

By Allissa Kline

October 20
Regulation and compliance

Gould focuses on OCC role in debanking fracas

Comptroller of the Currency Jonathan Gould said in an interview with American Banker that his agency is looking at whether its own internal guidance may have contributed to a climate where banks feel the need to "cite everything" to avoid supervisory penalties.

By Debra Cope

October 20