Discover Financial Services Reports Second Quarter Net Income of $546 Million

Discover Financial Services (NYSE: DFS) today reported net income of $546 million or $1.40 per diluted share for the second quarter of 2017, as compared to $616 million or $1.47 per diluted share for the second quarter of 2016. The company’s return on equity for the second quarter of 2017 was 19%.

Second Quarter Highlights
• Total loans grew $6.1 billion (8%) from the prior year to $78.0 billion.
• Credit card loans grew $4.6 billion (8%) to $61.8 billion and Discover card sales volume increased 5% from the prior year.
• Total net charge-off rate excluding PCI loans increased 52 basis points from the prior year to 2.79% and the total delinquency rate over 30 days past due excluding PCI loans increased 33 basis points from the prior year to 1.93%.
• Consumer deposits grew $3.6 billion (11%) from the prior year to $37.7 billion.
• Payment Services transaction dollar volume was $50.1 billion, up 12% from the prior year.

“We delivered profitable loan growth, strong revenue growth and positive operating leverage, which helped to offset normalizing credit costs,” said David Nelms, chairman and CEO of Discover. “Our new capital plan includes higher dividends and planned share repurchases, and we expect to continue to deliver a leading yield to our shareholders.”
more detail at:  https://investorrelations.discover.com/newsroom/press-releases/press-release-details/2017/Discover-Financial-Services-Reports-Second-Quarter-Net-Income-of-546-Million-or-140-Per-Diluted-Share/default.aspx

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