Credit card loan growth gains at Discover

Total loans grew $3.2B, or 5% from last year to $65.8B. Credit card loans grew $2B, of 4% to $53.1B. Discover card sales volume up 3%.

Has credit quality gotten as good as it's going to get? The net charge-off rate for credit card loans ticked up 4 bps from last quarter to 2.09% and delinquencies over 30 days gained 5 bps to 1.72%.

7M shares repurchased during quarter, reducing float by 1%.

FBR maintains its Outperform rating and boosts the price target to $65.

DFS +1.6% premarket

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  • dutch1934
    , contributor
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    Retired from Sears in 1993 as customer service manager, Contract Sales Division. Enjoy tennis and hitting the casinos on occasions.
    24 Jan 2014, 08:05 AM Reply Like
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