Meta Financial Group Inc.'s fiscal second-quarter profit dropped 48.1%, to $2.7 million, from a year earlier.
Revenue for the Storm Lake, Iowa, provider of prepaid cards retreated 39.4%, to $29.1 million, in the period, which ended March 31.
In October, the Office of Thrift Supervision shut down Meta's iAdvance credit product after determining the bank misrepresented the product.
The agency also limited Meta's ability to enter new business relationships or to alter existing partnerships.
Meta attributed the revenue decline to $20.2 million in lost fee income associated with the discontinuation of the iAdvance product.
"We continue to work with the OTS on the matters previously disclosed and believe we are making meaningful progress toward addressing their concerns," J. Tyler Haahr, Meta's president and chief executive, said in a press release. Representatives from the company could not be reached for comment.
Meta is still awaiting a final decision from the OTS, and the delay may be attributable to the department's merger with the Office of the Comptroller of the Currency, said Ben Jackson, a senior analyst in the prepaid advisory service at Mercator Advisory Group.
"I'm not sure Meta is necessarily at the top of the priority list," Jackson said.
