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Mar 31, 2024
Discover Q1 2024 Earnings Report
Discover reported a decrease in net income and diluted EPS for Q1 2024, while total revenue and loans increased. Expenses were elevated due to card misclassification issue.
Key Takeaways
Discover Financial Services reported a net income of $308 million, or $1.10 per diluted share, for the first quarter of 2024. This compares to a net income of $968 million, or $3.55 per diluted share, for the first quarter of 2023. The results reflect loan growth and net interest margin expansion, offset by elevated expenses related to a card misclassification issue.
Net income decreased to $308 million, or $1.10 per diluted share, compared to $968 million, or $3.55 per diluted share, in the prior year.
Total revenue, net of interest expense, increased by 13% to $4.21 billion.
Total loans at the end of the period grew by 12% year-over-year to $126.6 billion.
Digital Banking pretax income was $322 million, lower than the prior year due to increased card misclassification remediation reserve, higher provision for credit losses, and higher operating expenses.
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Discover Revenue by Segment
Revenue by Segment
Digital Banking Revenue
CapyFin.com Forward Guidance
Discover's press release contains forward-looking statements regarding expected business and financial performance, which are subject to risks and uncertainties.