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Discover Financial Q1 Earnings Highlights: Revenue Beat, Charge-Offs Rise, Merger Update And More
Banking and credit card company Discover Financial Services (NYSE:DFS) reported first-quarter financial results after market close Wednesday.
Here are the key highlights.
What Happened: Discover Financial reported first-quarter revenue of $4.21 billion, net of interest expense, which was up 13% year-over-year. The total beat a Street estimate of $4.07 billion, according to data from Benzinga Pro.
The company reported earnings per share of $1.10, which were down on a year-over-year basis.
Total Loans in the first quarter were $126.6 billion, which was up 12% year-over-year. Credit card loans stood at $99.5 billion at the end of the first quarter, which was up 11% year-over-year.
"Our first quarter results showed good loan growth, net interest margin expansion, and stabilizing delinquencies, while expenses ...