Discover Financial Services reported Q2 earnings of $6.06 per share, 11% YoY increase in NII, and 8% YoY growth in total loans.
Discover Financial Services (DFS) reported better-than-expected Q2 earnings of $6.06 per share and a Net Interest Income (NII) of $3.524 billion, up 11% YoY, driven by higher average receivables and net interest margin expansion. Total loans increased 8% YoY to $127.6 billion, while credit card loans rose 7% YoY to $100.1 billion. The total net charge-off rate was 4.83%, up 161 basis points from the prior year period. Discover's shares rose 5.01% after-hours at $148.49 at the time of publication.
July 17, 2024
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