Western Union has posted a net income of $216.9m for the third quarter of 2016, a decline of 7% compared to $232.3m in corresponding quarter of last year.

For the quarter ended 30 September 2016, the company’s total revenues were $1.37bn, a dip of 2% compared to $1.4bn in the year ago period.

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During the quarter, the company’s consumer-to-consumer (C2C) revenues declined 1%, or increased 1% on a constant currency basis, while transactions grew 2%.

Westernunion.com C2C revenues increased 26%, or 28% on a constant currency basis, on transaction growth of 29%. The westernunion.com C2C revenue represented 8% of the C2C total this quarter, the company said in its earnings statement.

Also, consumer-to-business (C2B) revenues dipped 3% in the quarter, or increased 11% on a constant currency basis.

“The depreciation of the Argentine peso contributed to the decline in reported revenues, while the constant currency growth benefit was led by the Argentina walk-in and U.S. electronic bill payments businesses,” according to the earning statement.

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Western Union Business Solutions revenues declined 4%, or were flat on a constant currency basis.

Commenting on the result, Western Union president and CEO Hikmet Ersek said: “Our diversified global business and strategic initiatives enabled us to deliver another solid earnings performance in the quarter, as we successfully navigated currency headwinds and macro challenges in international markets.

“While results in oil dependent countries softened, our U.S. business remained strong, and westernunion.com money transfer transaction growth accelerated to 29%.”