CINCINNATI Cards processor Vantiv reported a 26% rise in second quarter profits to $28.9 million, fueled by an 11% increase in revenue to $519.4 million.
Vantiv, which processes cards for more than 800 credit unions, said revenue for its core merchants services unit grew 19% to $210.8 million, while revenue for its financial institutions operations rose 3% to $86.1 million.
Second quarter highlights include a deal to acquire Element Payment Services, an independent payments technology company focused on solutions for independent software vendors.
For the first six months of the year Vantiv reported a 13% rise in revenue to $1 billion, and an increase in net income to $90.4 million, from just $4.6 million in the second quarter last year, due to expenses related to the company’s initial public offering.
Vantiv was spun out of Fifth Third Bancorp. It was known until 2011 as Fifth Third Processing Solutions.
