Fiserv Reports Strong Third Quarter Earnings
BROOKFIELD, Wis. – Fiserv reported a 15% rise in third quarter earnings yesterday, to $132 million, despite a tepid 3% rise in revenues, because expenses rose less than 2% for the quarter.
The leading provider of back-office services to credit unions said third quarter earnings were fueled by growth in its payments segment. “We continued to see revenue growth build in the quarter, highlighted by 5% payments growth and strong earnings performance,” said Jeffery Yabuki, Fiserv CEO.
For the first three quarters of the year Fiserv reported 1% growth in revenues, to $1.06 billion, and a 6% increase in net income, to $380 million.
Third quarter highlights included a $750 million debt offering; the repurchase of 1 million common shares; and the launch of Mobile Source Capture, a new remote deposit capture solution that extends remote capture to camera-equipped smartphones.
New third quarter contracts were signed with Patelco CU of San Francisco and Granite State CU of New Hampshire to implement the company’s Acumen core processing solution; with Kern Schools FCU for the XP2 account processing platform; and with Navy FCU to extend its bill pay agreement on CheckFree RXP electronic bill payment service.