- Q2 net income of $546M or $1.40 per share vs. $616M and $1.47 a year earlier. ROE for the quarter of 19%.
- Total loans up 8% Y/Y to $78B; credit card loans up 8% to $61.8B; Discover card sales volume up 5%.
- Total net charge-off rate excl. PCI loans up 52 basis points Y/Y to 2.79%; 30 days past due rate up 33 basis points to 1.93%.
- Direct Banking pretax income of $831M down 4% Y/Y thanks to higher loan loss provisions. Offsetting was an 11% increase in net interest income - NIM of 10.11% up 16 basis points.
- Payment Services pretax income of $36M up from $30M a year ago.
- 7.2M shares bought back during quarter for $450M, cutting the float by 1.9%.
- Conference call at 5 ET
- Previously: Discover Financial Services misses by $0.05, beats on revenue (July 26)
- DFS -2.8% after hours
Higher loss provisions take bite out of Discover earnings; shares down 2.8%
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Symbol | Last Price | % Chg |
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DFS | - | - |
Discover Financial Services |