Fintech firm Jack Henry's quarterly profit rises over 6%
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E-mail(Reuters) - Jack Henry & Associates posted a 6.4% rise in second-quarter profit on Tuesday, as demand for its financial technology services remained robust.
The company offers technology and payment processing services mainly to small- and mid-size financial institutions. Helping firms such as banks and financial institutions accelerate their digital modernization initiatives.
Technology is crucial for such firms to meet customer demands for a seamless digital banking experience and to compete effectively with fintech companies.
Jack Henry's services and support revenue increased by 3.5% to $323 million in the quarter ended Dec. 31, while its processing revenue grew by 7.3% to $250.8 million.
The company's profit rose to $97.8 million, or $1.34 per share, in the quarter, compared with $91.9 million, or $1.26 per share, during the same period last year.
(Reporting by Jaiveer Singh Shekhawat in Bengalurul Editing by Maju Samuel)
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