JACKSONVILLE, Fla. -- Fidelity National Information Services reported Wednesday that net income rose 36% to $66 million, compared to last year's second quarter, but earnings per share declined 11% to 34 cents a share, due to the dilution caused by February's merger with Certegy Inc. The company, one of the biggest outsourcers of back-office credit union services, said the merger pushed total revenues 44% higher to $1.02 billion for the quarter. Fidelity National Information is in the process of a financial re-engineering in which its parent, Financial National Financial is spinning it and its Fidelity National Title unit off into separate companies. Fidelity National Information includes the remnants of Aurum Technology, ALLTEL Information Services, VISTA Information Solutions, Sanchez Computer Associates and InterCept, as well as Certegy.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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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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