Credit card loan growth gains at Discover

|About: Discover Financial Services (DFS)|By:, SA News Editor

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