Discover Financial Services (DFS: Quote) posted second quarter profit Allocated to Common Stockholders of $532 million or $1.00 per share versus $593 million or $1.09 per share a year ago.
On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share. Analysts' estimates typically exclude special items.
Net Interest Income grew to $1.32 billion from $1.19 billion in the prior-year quarter. Revenue Net of Interest Expense was $1.85 billion, up from $1.74 billion a year ago. Analysts expected revenues of $1.84 billion.
The company noted that strong year-over-year revenue growth was offset by lower reserve releases.
"Our results this quarter reflect outstanding fundamental performance in both of our business segments and continued improvement in credit performance," said David Nelms, chairman and chief executive officer of Discover.
Provision for Loan Losses rose to $232 million from $176 million in the same quarter a year earlier.
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by RTT Staff Writer
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