CINCINNATI – In another sign of booming business for credit unions and banks, Vantiv, the cards processor for more than 800 credit unions, reported yesterday that third quarter earnings soared by 70%, to $48.6 million.
Third quarter revenues were up 14% to $466.7 million, from $409.4 million for the same quarter last year.
The company said investments in distribution strategies and value added services continued to lead to transaction growth of 22%. Its merchant services segment experienced strong double digit growth with a 27% increase in transactions, and the financial institutions services segment also experienced strong growth with a 7% increase in transactions.
“We continue to drive growth and profitability across our business, while developing innovative new products and solutions for our customers, such as Vantiv Accept and Vantiv Mobile Wallet within our expanded suite of mobile offerings,” said Charles Drucker, president of the one-time Fifth Third Processing Services.
For the first three quarters of the year Vantiv reported a 16% increase in revenues to $1.4 billion, and an 18% surge in net income to $76.1 million, compared to the first nine months of 2011.