DFS Q1 net income $308M (-68% YoY); EPS $1.10; charge-off rate 4.92% up 220bps

Discover Financial Services

2024-Q1 EPS reported $1.10 revenue$473,000,000

Net income $308M vs $968M YoY; diluted EPS $1.10 vs $3.55; revenue $4.21B up 13%.
Total loans $126.6B (+12% YoY); credit card loans $99.5B (+11%).
Total net charge-off rate 4.92% (220bps YoY increase); credit card charge-off rate 5.66%.
Provision for credit losses $1.5B (+36%); operating expenses up 67% driven by $799M card misclassification remediation reserve build.
Board declared $0.70/share quarterly dividend payable June 6, 2024 to record May 23.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Discover Financial Services reported the quarter ended March 31, 2024 results: revenue $4,210, net income $308 million, EPS $1.10 per diluted share.

Period: the quarter ended March 31, 2024
Revenue: $4,210
Net income: $308 million
EPS: $1.10 per diluted share
Result: reported results

Exact text from the filing

PER SHARE First Quarter 2024 Results 2024 2023 (1) YOY Change Total loans, end of period (in billions) $126.6 $112.7 12% Total revenue net of interest expense (in millions) $4,210 $3,742 13% Total net charge-off rate 4.92% 2.72% 220 bps Net income/(loss) (in millions) $308 $968 (68%) Diluted EPS $1.10 $3.55 (69%) Note(s) 1. The comparative prior quarter

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Source: SEC EDGAR

accession 0001393612-24-000028

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