Meta Financial reports higher net income, revenue
Tuesday, February 04, 2014 1:28 PM
Meta Financial Group Inc., the parent company of MetaBank and Meta Payment Systems, reported net income for its 2014 fiscal first quarter, which ended Dec. 31, of $4 million, or 65 cents per share, compared with $3.1 million, or 57 cents per share, for the prior year period. Total revenue for the first quarter was $24.1 million, compared with $22.2 million for the same quarter last year. Net interest income increased by $1.7 million, or 19.5 percent, and significant growth in lending by the retail bank contributed to increased loan interest income when compared with fiscal 2013. In addition, interest expense decreased from the comparable fiscal 2013 quarter. Payment card fee income increased $1.4 million, or 12 percent, but was offset by lower gains from the sale of securities, the company said.