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More on Discover (DFS): Q3 net income fell 3.4% Y/Y. Card sales volume +4%. Total loans +9%. Net...
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Thursday, September 27, 2012, 8:55 AM ETMore on Discover (DFS): Q3 net income fell 3.4% Y/Y. Card sales volume +4%. Total loans +9%. Net interest margin +18 bps, thanks to lower funding costs (credit card yield fell 19 bps). Delinquencies and charge-offs hit historic lows of 1.81% and 2.43% respectively. About 10M shares repurchased for total of $350M; float fell 1.9% Y/Y. Shares +3.3% premarket. (PR)
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Believe it or not, there was a time when investors in financial sevices industry stocks actually repudiated companies that grossly understate delinquencies and charge-offs; but, now, investors have come to expect it. Congrats DFS, you kicked it down the road for another quarter...