Discover Financial Services (NYSE: DFS) today reported net income of $666 million or $1.82 per diluted share for the first quarter of 2018, as compared to $564 million or $1.43 per diluted share for the first quarter of 2017. The company’s return on equity for the first quarter of 2018 was 25%.
First Quarter Highlights
Total loans grew $6.9 billion (9%) from the prior year to $82.7 billion.
Credit card loans grew $5.8 billion (10%) to $65.6 billion, on Discover card sales volume of $30.9 billion.
Total net charge-off rate, excluding purchased credit-impaired ("PCI") loans, increased 48 basis points from the prior year to 3.17% and the total 30+ day delinquency rate excluding PCI loans increased 26 basis points from the prior year to 2.23%.
Consumer deposits grew $4.2 billion (11%) from the prior year to $41.3 billion.
Payment Services transaction dollar volume was $56.1 billion, up 19% from the prior year.
https://investorrelations.discover.com/newsroom/press-releases/press-release-details/2018/Discover-F...
Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben
