Meta Financial Group said last week that revenue growth in its fiscal third quarter was driven by its card products.
The Storm Lake, Iowa, banking company's revenue rose 4%, to $17.7 million in its third fiscal quarter, which ended June 30, from the year earlier. However, revenue a year earlier got a $3.3 million boost from the sale of four bank branches. Excluding that transaction, Meta's revenue grew 28%.
Meta said much of the increase was from fees on new and existing card products. Its Meta Bank unit issues prepaid cards for several marketers.
Meta Financial had a net loss of $400,000 in the quarter, compared with a profit of $2.6 million a year earlier, which it stressed was due to the branch sales.
J. Tyler Haahr, Meta Financial's president and chief executive, said in a press release, "we are excited by the growth trajectory at Meta Payment Systems and the stability of the Meta Bank loan portfolio."
