U.S. Bancorp reports that 1Q/10 merchant acquiring volume is up nearly $3 billion year-over-year to $60.0
billion, and over $2 billion since the previous quarter. Payment Services contributed $121 million of the Companyâs net income in the first quarter of 2010, an increase of 36.0 percent from the same period of 2009, and an 80.6% increase over the prior quarter. Net interest income increased $77 million (28.7 percent) due to strong growth in credit card balances and improved loan spreads, partially offset by the cost of rebates on the government card program. Total noninterest income increased $51 million (7.4 percent) year-over-year, primarily due to higher merchant processing services and corporate payment products revenues the result of volume growth including business expansion. Payment Servicesâ contribution in the first quarter of 2010 was $54 million (80.6 percent) higher than the fourth quarter of 2009. For complete detail on U.S. Bancorp’s latest results visit CardData (www.carddata.com).
MERCHANT ACQUIRING VOLUME HISTORICAL
Source: CardData (www.carddata.com)