Billionaire Jack Ma’s Ant Group generated about 9.2 billion yuan ($1.3 billion) of profit in the March quarter, offering investors a glimpse of its earnings power in the run up to its mega initial public offering.

Credit unions added more than $176 billion to savings balances in the first half of the year, according to new analysis from Callahan & Associates.

The industry will have to grapple with pressure on net interest margins, interchange income and credit quality, said CUNA Mutual's Steve Rick during a virtual conference.

The industry's return on average assets has already dropped substantially and there are predictions that could get even worse. Many institutions will have to deal with elevated provisions for loan losses and expense management to survive.

Richard Marotta left the Boston company less than two weeks after a goodwill impairment charge contributed to a large quarterly loss.

Prior to the merger, First Castle was the nation's second-oldest existing federally chartered credit union.

Square's gross payment volume tumbled by 15% year-over-year due to COVID-19’s impact, but revenue jumped as online selling rose, Cash App doubled in users and Square enabled almost $900 million in PPP loans.

The prepaid card company benefited from payments that were designed to offset the pandemic’s impact on U.S. consumers.

Western Union confirmed yet again that for a payments company to survive the coronavirus pandemic, it needed to enter the crisis with a strong footing in digital payments.

The major card networks have heavily invested in broader services as transaction processing loses its luster, a strategy that’s provided a ray of hope as retail and travel industries remain sidelined.

MoneyGram International's digital transformation came at just the right time, considering walk-in traffic at MoneyGram locations in certain regions of the world was stymied for months by the coronavirus pandemic. But for many people, digital is still no replacement for the human touch.

Apple Card helped push services-category revenue to new heights for Apple, which reported double-digit growth in its product and services segments for the third quarter of 2020.

Mastercard reported a sharp decline in payments in its most recent quarter, but some digital seeds it planted before the coronavirus pandemic are already bearing fruit.

The company's results put firm numbers on one of the most discussed business trends of the pandemic economy — the acceleration of digital payments.

In what was a challenging quarter for the industry, the company reported strong loan growth and a wider margin. Continued momentum will depend on government stimulus, the reopening of New York City and borrowers' ability to make payments after their deferral periods end.

The company's second-quarter net income was $116 million, with mortgage banking revenue of $239 million.

The slowdown in elective medical procedures caused by the coronavirus pandemic led to less spending from HSAs and a decline in interchange income for the Connecticut bank.

Three months ago, Stephen Squeri, the chairman and CEO of American Express, declared a global "economic free fall" due to the coronavirus. Its second-quarter earnings show how far a fall it has been.

CEO Greg Carmichael says the Cincinnati company has cut expenses but will proceed with branch openings in the Southeast and investments in its commercial loan and mortgage origination platforms to lay the groundwork for post-pandemic growth.

Other regionals set more aside for loan losses than the Cleveland bank did in the second quarter, and its ratio of reserves to total loans is slightly lower, too. But Key executives say the portfolio is balanced and holding up well despite the pandemic’s economic toll.