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Discover loan growth up 7.4% year-over-year

Oct. 21, 2014 4:40 PM ETDiscover Financial Services (DFS) StockDFSBy: Stephen Alpher, SA News Editor2 Comments
  • Q3 net income of $644M or $1.37 per share vs. $593M and $1.20 a year ago.
  • Direct Banking: Pretax income of $891M up 7% Y/Y. Total loans of $67.3B up 7.4%. Credit card loans of $53.7B up 6.6%. Personal loans up 20.9%. Student loans up 4.5%. Net interest income up 9%; net interest margin of 9.79% up 14 bps. Delinquency rate for CC over 30 days past due of 1.71% up four basis points. Expenses up 6%.
  • Payment Services: Pretax income of $28M flat Y/Y.
  • Share repurchases: About 10M shares for $622M. Float down 2% Q/Q/
  • Conference call at 5 ET
  • Previously: Discover Financial Services beats by $0.03, revenue in-line
  • DFS +0.2% AH

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