DENVER - (101/5/04) -- Payments processing giant First DataCorp. said net income for its third quarter soared 28% to $460.6million, or 54 cents a share, fueled by the continued growth of itsWestern Union money transfer unit. Third quarter revenues rose 21%to $2.5 billion, with Western Union reporting a 13% rise in incometo$861 million. Revenue for the company's merchant services unitsurged 47% in the quarter to $983 million. As a result, First Datasaid net income soared 40% for the first nine months of the year to$1.4 billion, or $1.67 a share. During the third quarter Fist Datarepurchased 28.4 million shares for $1.2 billion at an averageprice of $42.34 a share, and the board has authorized an additional$1.5 billion in new stock buybacks.
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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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