Metavante Technologies Inc., a Milwaukee-based payments and banking-services company, today reported net income of $36.9 million for the second quarter ended June 30, down 13.9% from $42.9 million for the same period year. Revenues rose 7.4%, to $424.8 million from $395.7 million. Revenue from its Payment Solutions Group grew by 8.4%, to $260.6 million from $240.4 million, while revenue from Metavante's Financial Solutions Group serving banks grew by 5.7%, to $164.2 million from $155.4 million. The Payment Solutions Group includes credit, debit and prepaid debit card management services, and the NYCE electronic funds transfer network and the Financial Solutions Group provides technology and business services to banks. Metavante contends that comparisons with last year's quarterly results are not meaningful because the company adopted a different capital structure after its spin-off from Marshall & Ilsley Corp. in November. During a conference call with analysts, Frank R. Martire, Metavante president and CEO, said the company expects to experience continued growth during the second half of the year, barring major changes in the economic environment and in consumer confidence. "We are carefully monitoring banks' capital-budget plans with critical projects and those spending decisions in this difficult environment," he said.
Authoritative analysis and perspective for every segment of the payments industry
Authoritative analysis and perspective for every segment of the industry
Have an account? Sign In