Lower tax expenses and a dramatic surge in interest-related revenue helped payments services provider Indue Limited to a slightly improved bottom line performance last year. According to accounts lodged with ASIC last week, the Brisbane-based company that counts Auswide Bank, BankVic and Newcastle Greater Mutual Group as clients, posted a net profit of A$3.92 million in the 12 months to the end of June. The result was $507,000 up on the 2022 net profit of $3.41 million. Indue holds cash and near equivalents worth more than $380 million on its balance sheet, which helped it generate more than $20 million in interest revenue in 2023 compared to only $1.2 million in the previous corresponding period. The strong recovery in interest income was partly offset by a decline in fee-based revenue and a big rise in staff costs. Indue’s 2024 full year result will be impacted negatively by a $1.37 million hit after the company settled a dispute with a client.  The matter related to the early termination of payments services to the client. Indue announced in May that it had entered a due diligence process to merge its business with payments processing rival, Australian Settlements Limited. The merger candidates signed a non-binding agreement in April to begin exploring the costs and benefits of a union. An announcement on whether the companies will proceed with a transaction is believed to be imminent after both parties indicated that due diligence was expected to be completed at the end of September. The ability of Indue and ASL to compete against in the payments services market is expected to be tested in the next 12 months as Cuscal moves to raise more than $330 million in fresh capital through an IPO of its business.