- Total loan growth of 4% year-over-year was at the low end of the company's targeted range this year. Card sales were higher by 4% Y/Y, or 6% if excluding the impact of lower gasoline prices (though the leap year in Q1 added 1%). Organic student loans were up 15%, and personal loans grew 9%.
- As for funding, deposits were higher by 6% from last quarter, and made up 45% of funding at quarter's end.
- Addressing possible credit deterioration due to the energy crash, management says there has been some in energy-related states. However - prior to big decline in oil prices - those markets had been performing better than the national average for the portfolio, so now they've essentially come down to the rest of the country.
- Now read: Discover Financial Services (DFS) CEO David Nelms on Q1 2016 Results - Earnings Call Transcript (April 19)
- DFS +6.95%
Discover up big after earnings beat
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