RIVERWOODS, Ill. - SPS Transaction Services Inc. reported that net income for the quarter ended March 31 rose 14% to a record $10.3 million, or 38 cents per share.

SPS, a provider of technology-based outsourcing services, also reported net operating revenues for the first quarter were a record $69.6 million, a 17% increase over 1994.

President and chief executive Robert L. Wieseneck cited the performance of the company's Private Label Credit Card Processing Services, which signed on 800,000 new accounts over the past year.

The company's owned and managed active accounts grew to 3.9 million from 3.1 million a year ago. Credit card loans outstanding, including securitized loans, at March 31, were $1.7 billion compared with $1.1 billion at Dec. 31, 1994, and $658.2 million a year ago.

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