Discover Financial Services Reports Second Quarter Results

Discover announced second quarter results today reporting that its US card business grew managed credit card receivables 6% over the same period last year to $46.9 billion on a growth in sales volume of 5% to $22.1 billion. The company reported an over 30 day delinquency rate of 2.97%, 23 basis points lower than last year’s second quarter and 34 basis points below the first quarter of 2007. The net charge-off rate of 4.00% was up 82 basis points from the same period last year and 19 basis points from the first quarter of 2007. Debit card transactions processed on the PULSE Network grew 19% to 559 million.