By Rob Curran

Fiserv Inc. said fourth-quarter net income rose 11% and the provider of services to banks and financial companies projected an acceleration in 2024 organic revenue growth.

The Brookfield, Wisc., financial-technology concern logged fourth-quarter earnings of $870 million, or $1.45 a share, up from $782 million, or $1.23 a share, a year earlier.

On an adjusted basis, Fiserv posted fourth-quarter earnings of $2.19 a share, topping the average analyst estimate of $2.15 a share, as tallied by FactSet.

Fourth-quarter revenue rose 6.2% to $4.92 billion, topping the average Wall Street target of $4.68 billion, as per FactSet.

The company forecast 2024 adjusted earnings in a range between $8.55 and $8.70 a share. For 2023, the company posted earnings of $4.98 a share.

Fiserv projected organic revenue growth, which excludes the impact of foreign exchange, in a range between 15% and 17% from 2023 levels. For 2023, the fintech company posted revenue of $19.09 billion, which represented organic revenue growth of 12%.

Digital payments boomed during the pandemic, and for much of the last two years. and other online merchants have indicated a slowdown in business more recently.

Write to Rob Curran at

(END) Dow Jones Newswires

02-06-24 0751ET