SAN DIEGO — CUSO Financial Services, LP, a broker dealer and registered investment adviser to credit unions, reported today that year-to-date total revenue is slightly above figures for the first six months of 2006.
CFS' annual revenue has increased from $47 million in 2003 to $79 million in 2006 while net profits jumped from $1.7 million in 2003 to $6 million in 2006, according to the CUSO. Partnership distributions have risen from a $750,000 share of 2003 profits to a $4 million allocation of 2006 net income. This increase in distributions represents a 52% annual growth rate, the company said.
The CUSO credits increased efficiencies of its technology platforms, customer service and accounting processes for its latest figures. CFS said it added nearly 20 new programs in 2007 and currently serves more than 100 credit unions.
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