Discover Financial Services Reports Second Quarter Results
Discover Financial Services has reported net income for the second quarter of 2008 of $234 million, or $.48 per share, as compared to $209 million, or $.44 per share, in the second quarter of 2007. Managed loans grew 2% to $47.8 billion while sales volume on Discover Cards grew 2% to $22.5 billion in the quarter.
“Despite the challenging economy, Discover delivered solid results this quarter,” said David Nelms, chief executive officer of Discover Financial Services. “We grew managed loans and revenues within our U.S. Card segment and maintained strong credit quality. We are also very pleased with the performance of our Third-Party Payments segment, which delivered record network volume of $29 billion, an increase of 33% from last year. With the pending acquisition and integration of Diners Club International, we expect to significantly improve our competitive position in this segment through global reach and by accelerating growth in our payments network revenues."
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