Discover Financial Services Reports Third Quarter Net Income of $602 Million

Discover Financial Services (NYSE: DFS) today reported net income of $602 million or $1.59 per diluted share for the third quarter of 2017, as compared to $639 million or $1.56 per diluted share for the third quarter of 2016. The company’s return on equity for the third quarter of 2017 was 22%.

Third Quarter Highlights
• Total loans grew $6.9 billion (9%) from the prior year to $80.4 billion.
• Credit card loans grew $5.5 billion (9%) to $63.5 billion and Discover card sales volume increased 5% from the prior year.
• Total net charge-off rate excluding PCI loans increased 61 basis points from the prior year to 2.71% and the total 30+ day delinquency rate excluding PCI loans increased 26 basis points from the prior year to 2.05%.
• Consumer deposits grew $3.4 billion (10%) from the prior year to $38.7 billion.
• Payment Services transaction dollar volume was $51.6 billion, up 16% from the prior year.
• Income tax expense included one-time benefits of $28 million related to the resolution of certain tax matters.

“We achieved strong growth across our businesses while maintaining our historical emphasis on disciplined underwriting and profitability,” said David Nelms, chairman and CEO of Discover. “As a result, we generated robust revenue gains and positive operating leverage while investing in technology to enhance the customer experience and drive future growth and efficiency.”
more detail at:  https://investorrelations.discover.com/newsroom/press-releases/press-release-details/2017/Discover-Financial-Services-Reports-Third-Quarter-Net-Income-of-602-Million-or-159-Per-Diluted-Share/default.aspx

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