Western Union has reported a net income of $235.6m for the third quarter (Q3) ended 30 September 2017, an increase of 9% compared to $216.9m in the year ago period.
The company has generated a revenue of $1,404.7m during the reporting period, a growth of 2% compared to $1,377.8m in the corresponding year ago quarter.
The company’s Consumer -to-Consumer (C2C) unit revenues increased by 1% on both a reported and constant currency basis. Transactions were up by 2% riding on the growth in westernunion.com.
Westernunion.com C2C revenues increased by 23% on both a reported and constant currency basis, on transaction growth of 24%.
Western Union Business Solutions revenues raised 2%, or 1% on a constant currency basis.
Other revenues, which primarily consist of the US and Argentina bill payments businesses, increased by 9% in the quarter, or 13% on a constant currency basis, the company said in its earnings statement.
Commenting on the results, Western Union president and CEO Hikmet Ersek said: “We are pleased with the results for the quarter and the ongoing success of our digital initiatives. Westernunion.com money transfer delivered a 23% revenue increase in the quarter and represented 10% of our total consumer-to-consumer business.
“Westernunion.com is now in more than 40 countries that can deliver funds to over 200 countries and territories across the world. Overall, our business remains resilient as we continue to execute on our long term growth strategy for cross-border money movement.”