- Among the "recent themes" highlighted by CFO Mark Graf in his presentation, expect lower fee income in 2016 from the exit from mortgage originations this year, continued attrition in Protection Products (which stopped being sold in 2012), and the full-year impact of lost volume in Pulse.
- The efficiency ratio is on the rise this year (higher is worse), but still lower than most large banks. The 41.5% level for the trailing twelve months ended in Q2 is above 39.4% for 2014, and 38.8% in 2013. The long-term target is 38%.
- Well-seasoned loan performance is exceeding expectations - it allowed for a small reserve release in H1 vs. a build in 2014.
- Capital returns: Discover's (NYSE:DFS) CET 1 ratio of 14.4% in Q2 is 340 basis points or $2.5B above target.
- Presentation slides