Western Union has reported a net income of $213.6m for the first quarter of 2018, a surge of 32% compared to $161.7m reported in the year ago quarter.
The company posted an operating income of $264.9m for the quarter ended 31 March 2018, up 10% from $240.1m in the corresponding quarter of 2017.
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The company generated revenue of $1.4bn during the quarter, up 7% from $1.3bn in the previous year, or 5% on a constant currency basis.
The company’s Consumer -to-Consumer (C2C) unit revenues rose 7% on a reported basis, or 5% on a constant currency basis. Transactions were up by 4%. The rise was driven by sends originated in Latin America, North America, and Europe.
Westernunion.com C2C revenues soared 23% on a reported basis, or 20% on a constant currency basis, on transaction growth of 24%.
Western Union Business Solutions revenues rose 3%, or slid 2% on a constant currency basis.
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By GlobalDataOther revenues, which primarily consist of the US and Argentina bill payments businesses, rose 4%, or 10% on a constant currency basis. The company attributed the growth to the Pago Facil Argentina walk-in and the Speedpay U.S. electronic bill payments businesses.
Western Union president and CEO Hikmet Ersek said: “We were able to sustain the growth momentum generated at the end of 2017. Our digital money transfer business posted another impressive quarter, with westernunion.com delivering a 23% revenue increase.
“The positive traction in our core business helps enable us to pursue new customer segments in cross-border money movement.”
