Western Union has posted a net income of $205.5m for the second quarter of 2016, an increase of 9% compared to $189.3m a year ago.
The company’s total revenue declined 1% year-over-year to $1.38bn.
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The company said that Consumer-to-Consumer (C2C) revenues declined 1% in the quarter, or increased 2% on a constant currency basis, on transaction growth of 3%, while Consumer-to-Business (C2B) revenues declined 2% in the quarter, or increased 12% on a constant currency basis.
Western Union Business Solutions revenues increased 3%, or 6% on a constant currency basis, driven by strong growth in Europe, the company added.
The company’s operating margin for the quarter ended 30 June 2016 18.9% as against 18.1% in the second quarter of 2015.
Western Union president and CEO Hikmet Ersek said: “While international markets are mixed, our U.S. money transfer business continued to provide steady performance, helping drive good profitability and cash flow.
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By GlobalData“Strategically, we continue to make good progress. We released upgraded mobile apps for westernunion.com in eight markets and expanded our account payout capabilities to be able to reach billions of accounts in more than 50 countries. We also activated thousands of business customers on our new WU EDGE digital platform, and continued to invest in enhancing our technology infrastructure and compliance programs across the company,” Ersek added.
